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I am not sure if this correction is fully over yet after hitting my target of roughly 50k but in the short term, my long target would be 56K. Reaction at that level will be telling about future direction. until then I think we head back up to 56K
I hate to say it but everything looks terrible. If you are trading this I would say the 6 hour time frame looks like a failed retest of the $1700 zone. ETH short target should be 1400-1350 area. I would say this has about a 75% chance of hitting.
Just to keeping it simple here. Pattern on the 4 hour looks clean and could break really soon.. these patterns have about a 70% chance to breakout to the upside. target is 60K area based off the long side of the pattern.
It seems we have formed a downward channel and these channels when there is a break its most commonly a break up. On the hourly we seem to have formed a bull flag as well with a potential break out happening now. There is still a big chance we face rejection off the top of the channel and flag and head back down but for now.. things look good. If a break out does...
Just a quick update here. Bitcoin 1HR is showing a bearish divergence on the RSI. This could mean we will consolidate in the 48200-47700 area before going higher OR if that support area around 48000 breaks down we could be in for a serious reversal. Tread lightly friends.
Man that 0.236 level is proving to be one tuff nut to crack.. But I think once we crack it there is not much stopping us from going through 60k. Possible ugly cup and handle pattern, possibly inverse head and shoulders? Its not that clean but its the weekend and I'm hopeful for the week to come.