BTC is doing what it does. Head and Shoulders with the downside tech. target in orange.
A pair of Head and Shoulders, an inverted cup and broken handle... both technical downside targets shown. The market is systematically grinding downward along with BTC. Purple is the long term bull market trend support line. I mean sheesh. Darkest before the dawn... so I've been told.
The chart tells the story. Looks like it got beat in a race that finished around 8 SEP. A couple months to accept the loss and move on.
ETH, AVAX, SOL, etc. have fallen healthily below their bull market trend lines, and some have even back-checked them and rolled over. The MATIC bull market looks different than these other players in that the bull market trendline (purple) is not at all a good guide for the price action in the time from then till now. It has, nonetheless be breached a few times...
All my lines point to the same place. To the 0.50 within a week or so, and to the 0.618 in 3 to 4 weeks. I can't say this will happen... but that is what the current trend is indicating. I'm a SOL (perma)-bull, its so flippin buttery smooth to use and growing like wildfire, they got it right. It will be hard not to buy at $99... so I'll probably buy.
The inverse cup/handle seems to be playing out. FOMC likely to be hawkish. There are a lot of bullish indicators from onchain data for BTC - but price is sluggish. My thesis has this continuing till the new near when institutional allocations can change the character of the market, and therefore trend. I'll consider myself wrong if we drop past $37k or bounce...
ETHBTC doesn't know my yellow parabolic trend line is there... : P let's see what happens - give a little grace for fat-fingering the connection points. This metric is something to watch regardless. If/when this relationship changes in character it means BTC is losing its place as the dominant crypto asset, a new era will have dawned.
I presume a retrace to the 0.5 Fib. I also presume we fill the gaps. The smallest gap may not be a thing, but I'm going with it. How do we get there? Maybe like this. First gap at $910 Second at $843 If we get near the last, we should hit the 0.5 fib at $813. for a 9x bag, 1x at $910, 3x at $843 and 5x at $813.
Might be happening today with another selloff surge. Soon to come. And still better opportunities may arise, FOMC meeting 14-15 Dec likely to be hawkish talk.
Perhaps it is invalidated due to one particular candle. Technical downside target is at $41,441 Invalidated at $52,000 or a break of the upward channel/bearish wedge we are currently in.
Technically, we have a breakout of the bottoming triangle W. We are bouncing off the Bollinger Band right now. We have overhead resistance in this correction/downtrend at: 50,100 50,500 51,600 the W neckline 53,430 Fib line 54,800 major downtrend line This could be the start of the campaign to challenge those levels and recover or retreat. DOOMSDAY DOWNSIDE...
Currently bumping head on major bull market trendline between strong resistance and support (white and black), in a downtrend.
Imagine a decoupling of ETH from BTC. BTC continues to fall or dither, and ETH decides it no longer cares.... it's the last Alt season. The flippening (0.1592) could look like: $ETH / $BTC --------------------- 3,184 / 20,000 3,980 / 25,000 4,777 / 30,000 5,572 / 35,000 6,368 / 40,000 <---- 7,164 / 45,000 7,960 / 50,000 8,756 / 55,000 9,552 /...
I suppose this makes me bullish still. (yellow line is technical target for a Head and Shoulders we would be forming) As much as I want, and am prepared, (and hoping) for another cascading liquidation to get some delicious prices - the stage that is set is not one for that, it's a stage for a turnaround. There just isn't a huge group of motivated sellers left...
I'm not expert, but these trend lines, resistance and support levels are charting BTC's moves really well. There is general breakdown across the market ETH, SOL, AVAX, etc. have fallen below their bull market support trendlines and some have even back checked them already. BTC is weak sauce. My thoughts are a general melt down to $40k and we consolidate there. ...
Really, either of the lines... the bull market trend line or the other major support level.
The test is here. ETH is currently testing it's Bull market trend line established in the the March 2020 Crash.
An important test of previous overhead downtrend resistance (channel) in progress. Looking favorable on the shorter time frames.... but the struggle is real.