Going into the new week, the weekly MACD is breaking down again and RSI looks like it needs to go lower still into oversold. We've been in a nasty bear market for a few months now even if people don't admit (long-term still bullish but testing supports)
Here are volume profiles showing demand zones at 2600 which we are now falling from and the next zone is down at our yearly lows which I think we are about to test.
I have drawn two triangles starting after the correction in 2021. The yellow one is symmetrical and is breaking out of the bottom now. The orange could still be a bull pennant coincided its bottom with the demand zone.
I expect a really nice rebound from here until later May when people starting shorting for the next fed rate. Hopefully we will set another solid double bottom here like last summer and get dovish news from the fed. We could see a break out in this case. Keep an eye out for a major capitulation in the volume of ETH and BTC. This + dovish FED = Very Bullish.
If this doesn't play out then we could see a return to the 200 weekly ma. Excellent opportunity to make some money here but I would not YOLO just yet.
Theres also a huge head and shoulder pattern in there (not drawn) confirm sentiment
Not financial advice. DYOR!
Here are volume profiles showing demand zones at 2600 which we are now falling from and the next zone is down at our yearly lows which I think we are about to test.
I have drawn two triangles starting after the correction in 2021. The yellow one is symmetrical and is breaking out of the bottom now. The orange could still be a bull pennant coincided its bottom with the demand zone.
I expect a really nice rebound from here until later May when people starting shorting for the next fed rate. Hopefully we will set another solid double bottom here like last summer and get dovish news from the fed. We could see a break out in this case. Keep an eye out for a major capitulation in the volume of ETH and BTC. This + dovish FED = Very Bullish.
If this doesn't play out then we could see a return to the 200 weekly ma. Excellent opportunity to make some money here but I would not YOLO just yet.
Theres also a huge head and shoulder pattern in there (not drawn) confirm sentiment
Not financial advice. DYOR!