Background: Since Friday's breakout we dropped back under 60k and have been ranging within 59k.
Current Situation: We are approaching the 75% mark in a symmetrical triangle, while most (over 70%) of the time these are continuation patterns, we can't rule out a bearish breakout. Await confirmation before entering a trade, this area is particularly fickle and MM/big money are heavily influencing price action.
Whats next: In either direction we breakout, there is a potential to tap a new ATH (projecting a textbook bullish breakout range) as high as 62k or correct down to the bottom of the macro trend near 56k on a bearish breakout.
I noted the times for the markets to open. Asia is currently closed. Europe is now evening. Low volume is expected and won't return until after the symmetrical triangle already completed and the subsquent breakout. This leads me to believe a new ATH is unlikely today, even with a bullish breakout. Good luck Americans.
Speculation: Given the influence on the market over the past month, I wouldn't be surprised to see a fakeout, where we breakout bullish for a candle or two before taking a nosedive. That would shakeout more traders before Monday opens. Just a thought.. not based on any meaningful TA here. Best of luck.
Other Data:
Bullish: Miners are hodling
Bullish: Whales are mostly hodling and activity low
Bullish: Exchange reserves continue to trend down
Bearish/Neutral: Price manipulation by MM appears to stifle heavy movement up or down the ~10% trading range we are in for over a month
Bearish: 12th rejection from the ~61k resistance zone on Friday/Saturday
Current Situation: We are approaching the 75% mark in a symmetrical triangle, while most (over 70%) of the time these are continuation patterns, we can't rule out a bearish breakout. Await confirmation before entering a trade, this area is particularly fickle and MM/big money are heavily influencing price action.
Whats next: In either direction we breakout, there is a potential to tap a new ATH (projecting a textbook bullish breakout range) as high as 62k or correct down to the bottom of the macro trend near 56k on a bearish breakout.
I noted the times for the markets to open. Asia is currently closed. Europe is now evening. Low volume is expected and won't return until after the symmetrical triangle already completed and the subsquent breakout. This leads me to believe a new ATH is unlikely today, even with a bullish breakout. Good luck Americans.
Speculation: Given the influence on the market over the past month, I wouldn't be surprised to see a fakeout, where we breakout bullish for a candle or two before taking a nosedive. That would shakeout more traders before Monday opens. Just a thought.. not based on any meaningful TA here. Best of luck.
Other Data:
Bullish: Miners are hodling
Bullish: Whales are mostly hodling and activity low
Bullish: Exchange reserves continue to trend down
Bearish/Neutral: Price manipulation by MM appears to stifle heavy movement up or down the ~10% trading range we are in for over a month
Bearish: 12th rejection from the ~61k resistance zone on Friday/Saturday
Note
Food for thought- whale ratio is approaching its lowest range for 2021. Every time it drops under 81.5 its preceded or a part of very strong impulse waves - ie a bullish breakout. cryptoquant.com/prochart/x49yb7hiuk
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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.