Grandpa BTC: Daily Double Bottom/Weekly HL?
Hello dear crypto friends, hope you had a good start into the week!
Let's get right to it: Grandpa BTC has currently managed to get a Double Bottom at 7,450 as support.
The range of 8,100-8,300 acts as crucial resistance, also from the previous Ascending Triangle breakout: Unless we can clear this range to the upside, we will still have the potential for a bigger Head & Shoulders playing out on the Daily.
If we look at the Weekly, a break of this zone would definitely have the potential to form a Higher Low: But we would have to see further follow-through. Otherwise it will just have been a usual consolidation candle, with further downside potential. The H&S pattern shows itself as the Evening Star on the Weekly.
The lead bull is currently LTC: It has broken the major Weekly S&R zone (support & resistance) and tries to see follow-through up until the halvening: Next major resistance is at $180: 40% profit potential already.
Grandpa BTC is as always the sector leader, but always keep those processes like halvenings in the back of your mind, as those events can lead to single major Altcoins breaking the correlation and leading the market higher -even grandpa BTC.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing online education & tools only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
Let's get right to it: Grandpa BTC has currently managed to get a Double Bottom at 7,450 as support.
The range of 8,100-8,300 acts as crucial resistance, also from the previous Ascending Triangle breakout: Unless we can clear this range to the upside, we will still have the potential for a bigger Head & Shoulders playing out on the Daily.
If we look at the Weekly, a break of this zone would definitely have the potential to form a Higher Low: But we would have to see further follow-through. Otherwise it will just have been a usual consolidation candle, with further downside potential. The H&S pattern shows itself as the Evening Star on the Weekly.
The lead bull is currently LTC: It has broken the major Weekly S&R zone (support & resistance) and tries to see follow-through up until the halvening: Next major resistance is at $180: 40% profit potential already.
Grandpa BTC is as always the sector leader, but always keep those processes like halvenings in the back of your mind, as those events can lead to single major Altcoins breaking the correlation and leading the market higher -even grandpa BTC.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing online education & tools only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
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