BTC and ETH are both either about to begin wave Z pf a triple combo correction, or started wave Z a few hours ago. BTC 6H RSI is showing a head and shoulders pattern. This correction began with a rejection when it tried to break back above the historic log support (the thick yellow dashed line), which dates back all the way to the beginning of 2012. A downtrend has confirmed. A pair of bart simpson fakeouts as the bulls tried to break the downtrend. It's currently trading ever so slightly above the downtrend, which merits watching.
A break pf the local high (12300) invalidates the bearish count - the potential bullish alt-count is pictured in yellow. I find this unlikely, as we're still rather extended to the upside, and recent volume profiles have been substantially favoring the bears.
Target 8600.
A break pf the local high (12300) invalidates the bearish count - the potential bullish alt-count is pictured in yellow. I find this unlikely, as we're still rather extended to the upside, and recent volume profiles have been substantially favoring the bears.
Target 8600.
