BTC and ETH
Both of these pairs are in ascending broadening channel patterns.
Which are typically bearish more often than bullish...BUT....the breakout when they are bullish is much stronger than the downside of a bearish breakdown. and the support line on both charts is a very low angle and trading alot more in the upper half of the channel than lower. Also just tested the midline of the channel VERY cleanly, TWICE in the past 48hrs. So i'm bullish ST. but if we don't see some real momentum in the next couple days. Like a 'catalyst', we probably will go lower for the LT play and maybe even flirt with what appears to be a threatening bear market.
I'm of course very bullish to Jan/Feb. But range trading, albeit somewhat healthy, also needs to capture some (at least slightly) higher high's before bears start shilling FUD to sink the market.
Which are typically bearish more often than bullish...BUT....the breakout when they are bullish is much stronger than the downside of a bearish breakdown. and the support line on both charts is a very low angle and trading alot more in the upper half of the channel than lower. Also just tested the midline of the channel VERY cleanly, TWICE in the past 48hrs. So i'm bullish ST. but if we don't see some real momentum in the next couple days. Like a 'catalyst', we probably will go lower for the LT play and maybe even flirt with what appears to be a threatening bear market.
I'm of course very bullish to Jan/Feb. But range trading, albeit somewhat healthy, also needs to capture some (at least slightly) higher high's before bears start shilling FUD to sink the market.
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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.