Bearish Shark has formed which should let us make a cup of the Cup And Handle patern as a result.
The C&H formation will shoot us higher at 8200-8500 levels.
C&H is a possibility which still has to be confirmed. As for now it's only my guess because indicators are looking bullish + we're making a nice reversal on the daily Hopefully this isn't another bear channel we're in and we won't revisit 5k soon but let's watch what will develop.
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We are ready to go higher
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We formed a bull flag
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Even bigger Cup & Handle in progress? That one could take us to ~$9500
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Megaphone patern pointing to the same conclusions
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On track
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I'm thinking this
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If we won't break the red line this could be a possible setup for further move up
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I expect a bounce around $7000-$7500
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Posibble bullish triangle here. Looking at indicators and bigger timeframes I'm more in a favor with green option than red
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We need to get that green EMA (closed candle above it) to have a real breakout confirmation but I think it's only a matter of time
We need to get that green EMA (closed candle above it) to have a real breakout confirmation but I think it's only a matter of time
doctorcryptodog
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Hey champ nearly spot on with the analysis as usual I sold 8900. How low do you think this bear run will go?
DeadSerious
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@doctorcryptodog, $7000-7300 would be my reverse area as I believe this leg down is a wave II of Elliot
DeadSerious
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@doctorcryptodog, there is possibility too that we bounce from here but thats not clear for now
DeadSerious
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looks like we're bouncing from resistance 1hr EMA 200. Would expect more down to come
doctorcryptodog
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I’ll jist shut up! Lol!
DeadSerious
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@doctorcryptodog, I think we can't go higher than ~8800 for now and will have to test lower support. That's because bearish divergence (blue lines on price and RSI)
doctorcryptodog
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Are we now in a bear channel or do you expect to rise above?