During the last couple of days we encounter some inflow into the coin. However, we see quite a resistance around the 3500-3550
Looking at the weekly chart, we can see two cups and handles that already completed their formation but yet to fully execute. The smaller one (yellow) tried to break the 4100 resistance but didn't, and the price pulled back heavily after a major double top.
As for now - if there will be another try, it will need to be strong, very strong, in order to move further up.
Next key levels: around 3700, then 3900 and then the strong barrier - 4100. if it will go sky high, then the sky is the limit, and we can the steps of the fibos of the short term and the long term.
Unless the bulls will take charge, we can face a decline to the 3100 level, then strong support around 2900.
Personally i use a combination of CMF to estimate what's the market sentiment.
Long term (up to 3 months): Still bullish - but weakened a bit.
Mid term (up to 1 month): Bearish but still in-deceive
Short term (up to 1 week): bulls and bears are in a dog-fight.
However, something interesting that i see a possible hidden bullish divergence in the Mid term, signaling a possible break up.
Not Advice, Stay safe
Looking at the weekly chart, we can see two cups and handles that already completed their formation but yet to fully execute. The smaller one (yellow) tried to break the 4100 resistance but didn't, and the price pulled back heavily after a major double top.
As for now - if there will be another try, it will need to be strong, very strong, in order to move further up.
Next key levels: around 3700, then 3900 and then the strong barrier - 4100. if it will go sky high, then the sky is the limit, and we can the steps of the fibos of the short term and the long term.
Unless the bulls will take charge, we can face a decline to the 3100 level, then strong support around 2900.
Personally i use a combination of CMF to estimate what's the market sentiment.
Long term (up to 3 months): Still bullish - but weakened a bit.
Mid term (up to 1 month): Bearish but still in-deceive
Short term (up to 1 week): bulls and bears are in a dog-fight.
However, something interesting that i see a possible hidden bullish divergence in the Mid term, signaling a possible break up.
Not Advice, Stay safe
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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.
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.