✴️ Hope? Looking At Coinbase, Tesla, Nvidia, Ethereum & Bitcoin!

The Nvidia stock looks scary, to say the least.
Coinbase also looks pretty bad... Everything can change though on Monday and we get an amazing surprise and everything turns to full green.

We see Tesla, Nvidia and Coinbase move from full-red, as bearish as it can get on the weekly and daily time frames, to mega-mage-green... Can you imagine?

I mention these three stocks because they move in relation to the Cryptocurrency market.
Each stock can be used as an individual indicator or chart signal.

What you just read is called, "Hope!"
This is not what we do here.

The truth is that Ethereum is moving within a descending triangle, a strong bearish pattern.

The truth is that support is being challenged more and more, see the triangles "support line" on the chart. The more this support level is challenged, the weaker it becomes.

➖ The main and critical support range right now sits at $2,800 - $2,900.
➖ $3,100 is another important level and this is the level that needs to be breached to the upside —as resistance— for the bullish bias to become active again.

So, we are generally bearish based on recent price action (lower highs and lower lows).
The current situation is neutral based on a consolidation pattern. The pattern is bearish but can always break to either side.

In the neutral stage, we have support and resistance so that we can track and adapt to the market.

1) One, is the market potential.
2) Two, is the market trend/bias.
3) Three, is our projection.

All three are different and should not be confused.

👉 If Ethereum's support line breaks, we can expect a test of $2,500 as well as the low $2Ks. Bitcoin and the others are in the same situation; What one does, the rest follows!

Is this really the final break?

Are we going to see a major crash on Monday/Tuesday, or is this the bottom of the correction and we start a new ultra-mega-bullish wave to new All-Time-Highs?

Do you trade/buy/hold for long- or short-term?

Let me know in the comments section below...

Namaste.

Comment:

Here we have the weekly chart for Ethereum:

Notice a full candle close below EMA21 and two closes below EMA10; bearish bias fully confirmed.

Here is a line chart, shows the tendency being downward to my eyes:

Comment:

Ethereum is the key.

The fact that Ethereum remains below 3K signals that the bears are still in control. Ethereum needs to move above $3,750 to become bullish... So we just define levels and make it easy on us.

Bitcoin moving up is a short-squeeze. As soon as the shorts are squeezed, prices will resume moving down; classic lower high.

The proof is in ETHUSDT.
Notice how this one remained 100% bearish.
Bitcoin is moved because it has everybody's attention and the chart is hard to read. But look at Ton, Pepe, Ethereum and the rest.

Namaste.