$30k is proving to be a fundamental level for bitcoin converging both as a 50% fib retracement and a horizontal support level. This does not mean that we cannot still break to the downside however. My goal through this dip is to accumulate at significant levels.
Eth stormed into new all time high territory yesterday. To ensure that we stay bullish in this alt season the bulls should retain ATH level as support. If we see a resumption of the support line today this is very bullish and means we would enter price discovery territory.
Ethereum has broken a long term trend here to the update. Really simple analysis on this chart we can see on the weekly a breakout relative to BTC and marks potentially the start of a run for ETH. In order to confirm this we would need a close on the weekly above this resistance imo.
We've seen price honouring support at $35k now three separate times. While this is bullish it shows a strong sentiment to consolidate to the downside. This week I will be looking to see which event happens first: 1. we break outside the triangle using it as support (very bullish) 2. we break down below our $35k support and consolidate down to $30k. There will be...
We have had a few more days now to gather our thoughts and see which levels BTC is honouring at the moment. We can see an ascending wedge pattern that we have stayed within the confines of. Within this wedge however we have a support line at $35k that it is honouring - if we a breach of this support then our next level is at $30k. The bullish argument here is that...
We saw yesterday a tilted head and shoulders pattern formation and noted that Btc should breach this in order to show a reversal in sentiment. It has since done this and I am now looking for further confirmation with a bounce off the heartline affirming a bullish run until our next resistance at previous ATH.
Tilted head and shoulders can be seen. If we bounce below the line then further consolidation will be seen. If we breach the line and see it being support then we will see bulls flood in by the end of the month.