$ETH tries to break out of the Triangle/Falling Wedge trendlineCRYPTOCAP:ETH gets ready to break out of the Falling Wedge & Triangle at the same time, as these two patterns share a trendline. I see many people have been entering longs all day long. And altcoins.
I'd rather wait. Buying right into resistance—that is not my style, to put it simply.
Momentum is looking pretty decent after establishing what looks like a Triple Bottom, but RSI is still below 50. I need to see it print a Higher High first because CRYPTOCAP:ETH 's Market Structure is still bearish—lower Highs & Lows.
Volumes have been unimpressive on the Daily too, and despite a slight increase today, I definitely need to see more to have any sort of confidence.
But the main test is the falling trendline, which Ether has been trying to break all day. So far, unable to.
Other factors playing main roles are:
1. The DXY (still stuck between support and resistance after filling its weekend gap below and finding support at a Fair Value Gap).
2. Nvidia still bleeding, causing fear across markets.
3. Ether vs. CRYPTOCAP:BTC chart, constantly bearish on the Daily, Weekly, etc. Shorter timeframes are showing a Double Bottom at exactly 0.030, and this could be the starting point of a reversal—necessary for all altcoins to do well.
To sum up, the main level to watch and set alerts for me is the trendline of Daily patterns.
Until that's broken, there is no way I'm opening any longs on altcoins. But I'm not trying to convince anybody—just collecting my thoughts here. Good luck. I know from the comments that some of you guys have been aping in. I wish you luck, as you will need it badly now.
💙👽
