Pretty high TD count (8 - may still have margin) and a falling wedge running on long term trendline.
Moreover, close to historical strong support, just below the 40$ mark.
Given that, bias is towards bottoming and bounce towards 43-44 area at first.
Not excluding a further pullback to previous ascending channel.
That's tricky though, as further Ethereum merge rumors / news may play a huge role.
They were crucial already for the breakdown of the ascending channel and now static support is relatively close.
This is a very technical and delicate market phase.
We have to get used to that and act accordingly,
Prepare for volatility, have liquidity at hand.
More to come.
Moreover, close to historical strong support, just below the 40$ mark.
Given that, bias is towards bottoming and bounce towards 43-44 area at first.
Not excluding a further pullback to previous ascending channel.
That's tricky though, as further Ethereum merge rumors / news may play a huge role.
They were crucial already for the breakdown of the ascending channel and now static support is relatively close.
This is a very technical and delicate market phase.
We have to get used to that and act accordingly,
Prepare for volatility, have liquidity at hand.
More to come.
Note
Tenth TD candle, moment of truth nearing.Bounce expected, unless ETH rumors come into play.
Note
Note
Hmmm ... lowet level in dominance since 2018.All that *ahead* of merge.
This is fishy.
As you see from TD count span situation is extremely fragile.
Note
Bouncing, albeit pretty late:Note
Over 42, but it took ages.Note
Pretty neat and clean chart though.At resistance now.
Note
43 reached, finally.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.