Looks to me like a big triangle, I think I've mentioned before. I'm leaning bullish, looks like a small descending wedge which could kick start us on the way to test the top. Once there would need to reassess to see if there's a chance it being broken for a nice bullish move which might bring back some volume to the market.
If it breaks down I'd expect us to test the bottom again. Then again would need to reassess and see what the reaction is like before determining a bullish or bearish bias.
Indicators look bullish on 12 hour and 1 day. Bearish on lower time frames as we correct.
If it breaks down I'd expect us to test the bottom again. Then again would need to reassess and see what the reaction is like before determining a bullish or bearish bias.
Indicators look bullish on 12 hour and 1 day. Bearish on lower time frames as we correct.
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Shorter time frame
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All good. Followed the turquoise line after the ETH fork was delayed. Let's see if it holds up. I expect a slow steady rise from here before a pop up.
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Now we could do something like this, in a smaller triangle
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Wiggly line power ---- 'hopefully' it will follow through
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Made a bigger triangle. Fractal comparison
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B O O M
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The yellow line is an option if we can get some proper buying here. Otherwise it was just a short squeeze. Notice how these moves happen almost always when Open Interest hits 410 mill. At the moment if it does happen I assume the market is too weak to sustain any rally higher than 4k. If we don't see any buying here - bart move down as per the fractal.
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I've mentioned before one option I'm looking at is where everyone shorts the top of the triangle and the MMs push it through which squeezes us past the resistance. There people might jump in to buy again with volume on a wave higher. Don't give that a massive chance tho. We'll see.
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So three options now as far as I see it.
1. Small pullback, and carry on to 3950/4k. Break down to 3/3.1k.
2. Small pullback, and carry on to 3950/4k, pullback to 3.8k which holds and we move up to break the triangle on to 5k.
3. We fail here and head on down to 3/3.1k (maybe we could bounce up again from the bottom of the triangle and try to head up once more but I doubt it).
1. Small pullback, and carry on to 3950/4k. Break down to 3/3.1k.
2. Small pullback, and carry on to 3950/4k, pullback to 3.8k which holds and we move up to break the triangle on to 5k.
3. We fail here and head on down to 3/3.1k (maybe we could bounce up again from the bottom of the triangle and try to head up once more but I doubt it).
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Option 3. playing out. Now have to wait and see whether we bart up from here or carry on south. Really 50/50 as far as I can see now.