Combined with the recent analysis ive been posting on ETH / USDT, i think theres a real chance for a low here on ETH / BTC.
Real clean falling wedge, and capitulation low, with a breakout and reaction.
Could it stall a little bit here and retest the downsloping trend, absolutely, but in similar instances of these type of bottoms, you dont usually get that. Not once youve gotten your sign of strength / reaction outside of the downtrend.
While im not trading this chart specifically, it helps validate the USDT pair, and the Bear market fractal ive referenced.
Regarding the USDT pair, id look for support above 1754, and if it holds up, that would be considered a sign of strength imo, and id look for a retest of the highs coming into 2100ish.
Typically this is where a partial decline would come in, and itd give you an inverted head and shoulders look. The partial decline is the final signature youd expect to see with this type of broadening bottom. If it retests the highs again, after a partial decline, id anticipate a breakout there after, with a 100% measured move underway.
Real clean falling wedge, and capitulation low, with a breakout and reaction.
Could it stall a little bit here and retest the downsloping trend, absolutely, but in similar instances of these type of bottoms, you dont usually get that. Not once youve gotten your sign of strength / reaction outside of the downtrend.
While im not trading this chart specifically, it helps validate the USDT pair, and the Bear market fractal ive referenced.
Regarding the USDT pair, id look for support above 1754, and if it holds up, that would be considered a sign of strength imo, and id look for a retest of the highs coming into 2100ish.
Typically this is where a partial decline would come in, and itd give you an inverted head and shoulders look. The partial decline is the final signature youd expect to see with this type of broadening bottom. If it retests the highs again, after a partial decline, id anticipate a breakout there after, with a 100% measured move underway.
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discord.gg/2b6UjxEY
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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.