mess_on_a_mission

mess_on_a_mission

I can see more and more similarities with 2018/19 bottom formation with possible target of 2500 usd we manage to break strong 1800 resistance which looks like median line of the channel in making. If so our target would be at the upper line of the channel.

mess_on_a_mission

Bitcoin is forcing 24 k resistance and has more and more chances to keep momentum. If we break to the upside it will become very possible that we will close CME gap at around 28.8 and break main trend line from ath.

mess_on_a_mission

Like in previous analysis - would be very bullish if we leave that bearish structure to the upside.

mess_on_a_mission

Well, ETH doesnt look that bad now and seems to be consolidating before another move up. Keep things simple - if we break that wedge to the upside that would be very bullish and would confirm we are back in bull market because it's bearish pattern and normally we should go to the downside. On the other hand if we break it to the downside it will be confirmed...

mess_on_a_mission

If we repeat 2016 reaccumulation period then we can go high pretty fast in V shape recovery. First huge resistance could be at 2300-2500, median of the big channel. If we start to reject here I think we will go test lower line of the ascending channel but it should be hgher low to stay structure intact.

mess_on_a_mission

Current rang still looks similar to 2016 reaccumulation channel from which ater breakout we had huge run up. We can draw lines like bottom is already in but the problem is that current bottom doesnt ffit to any strong resistances from the past. That's why we can have one more leg down below 800 usd. And if that hold after some tim of consilidatin we can see proce...

mess_on_a_mission

DOT at big resistance. One more little push up or not and think we will have lgo down. If we lose 6.3 usd another support is around 4.6 where could be our bear market bottom.

mess_on_a_mission

If we wont reject here hard ETH looks lik ready for one more leg up towards 1840 where better to watch out. Still think eth/btc will fall down hard and it wont be during way up.

mess_on_a_mission

I will have in mind scenario where we make lower low, bounce nice but it's huge bull trap and then we bottom corectly. That channel and 5 wave move can be helpful to not get into a trap.

mess_on_a_mission

Macro channels are very powerfull patterns on eth. We can see them in nearly every big trends. Due to the previous analysis now we travel in big bearish channel but we can combine it to the more bullish potentialy accumulation channels. The big one on th chart still looks solid and now we are testing it's median line. I think we will have one more hit what can...

mess_on_a_mission

We can try to catch exact point of potential bottom on ETH by crossing points of bearsh channel if we can get second tap of the lower band with huge potential accumulaton channel draw by catching two '21 tops. Our target should occur in about 2-3 weeks below 800 usd. It would be great to see there some bottoming signals and month or two of consolidation.

mess_on_a_mission

Imo very big resistance at eth right now at retest of big channel median. I think we will reject here to test lower prices onc more time. First target should be at the middle line of our bear flag. Doubt it will hold and we should see one more test of 1100-1200 area where is our pivotal price. If it holds I can see some slow grinding towards the upper band of the...

mess_on_a_mission

Redistribution on btc still more possoble imo. Pattern looks same like every single one before and this time can be diferent but while bear market is still on there's possobilty that we are not done yet. If we break down I will be watching lower line as possible bottom.

mess_on_a_mission

We have double top formation on perfect touch of our range high. Imo now we should reject here hard to swep the lows where I would seek for spring in price range 700-800 usd. After that I would like to see run towards 1740 where we should correct to mid range. If it will hold we will see some consolidation and huge run up after breaking up.

mess_on_a_mission

Usually if we can draw clean channel but bulls don''t manage to bring the price to the upper line but we get double top or lower high instead then that indicates channel got weak and will be no more respected. On the other hand eth/btc is breaking up from the bullish wedge and may have to test trend line one more time what can bring us even to the upper line of...

mess_on_a_mission

Aaaaaand we are back to the bear flag. 20th of July closed very ugly with just a wick above flag. We have support at 21.6 and we can go there to test the range break out but if we lose it.. new lows will come imo.

mess_on_a_mission

Ethereum bounced nicely while eth/btc retested downward line of one-year channel which was broke down in May. Everything points out that we are going towards huge resistance at 1740 usd. I would rather see retest of 1424 usd area which is very imo very important. If we success then imo we will tap prices at range high of our huge accumulation range. I...

mess_on_a_mission

I think we are not done yet and will go lower. In that case it's usefull to try find possible accumulation range using htf supports and resistances with horizontal channel and mid range. So far, if we broke consolidation to the downside and first correctional level is around 1 k it can be our mid range. So bottom can be around 500 usd or around.