ETH/BTC chart starting to break down + BTC weakness. Suggests ETH/USD will pullback to around $600.
Short from here with stop loss at top of triangle and take profit between $605-615
Slow pull back on low and decreasing volume.
Larger bull pennant/flag on longer term 1 day time frame but still on an overall downtrend on the daily time frame.
- Leveraged longs at all time high as suggested by the BFX long vs short indicator.
- Price is below 50 and 200 MA, possible death cross.
- Volume continuously decreasing
- Time indicator would suggest either:
(a) the 1-4 day correction is over and we fall now, or
(b) we see a continued rally to a green 8 or 9 followed by a red 1. (this would be an ideal trap...
Daily candle close above 0.382 Fibonacci completing the cup and handle formation.
MACD moving upwards steadily. RSI plenty of room to move.
Target for BTC/USD - 16,900
Breakout of bull flag on BTC/USD. Possible resistance at 50MA.
Decreasing volume on consolidation and volume spike on 4HR candle break out. Bullish MACD crossover likely to confirm. Plenty of room for RSI to move upwards.
50% chance we will break to the downside and 50% chance we will break to the upside.
Both scenarios equally likely. Risk to reward can be skewed with an adequate stop-loss at the bottom on the triangle as both scenarios are equally likely to play out.
Possible movement towards lower area of parallel channel and test support at 10k psychological
Bearish MACD crossover
50 MA moving downwards
Stop loss 11350
Take profit: target 1 - 10100, target 2 - 8800
