Eth and Btc ranging, is recovery possible?
We’ve had a bit of a disgusting dump over the past couple days, I feel like haven’t seen one this bad in a while. So where do we go from here? We can see that we’ve finally got a significant bounce, and emas on higher time frames are staging for an upward cross. A bullish scenario could be a bit of a V shaped recovery over the next day or two. A more likely scenario is some ranging and consolidation before another breakout, basically a W or inverse head and shoulders, or some triangle consolidation pattern. If the ranging fails, we could see continuation of the ponzi dumpage. Daily and weekly RSI still have room to drop further, lower time frames have had a good reset, but have burned some fuel with this bounce.
I’ve poorly drawn those 3 possible scenarios on my Eth chart, I’m still waiting for more signs to emerge of some kind of trending pattern. I had drawn a R&S horizontal ray in the past at 1432, which was hit near perfectly at the bottom of this dump. The next support I’m seeing below that is 1175, the weekly 21ema at 1075 which we are still way above, and 1003. Bullish resistance targets to overcome remain the previous levels we’ve encountered in this trend, basically 1740, 1840, 1940, 2040. We have some rejection currently at 1700, if momentum can sustain around this area, emas will begin to cross back to the upside taking us back into those higher areas. If we get strong rejection, we may see this downtrend continue.
Current Btc target 52k, if we get above that level, we will regain bullish momentum. Btc has fallen below the supporting trend line for this small move to the upside, but is still showing signs that recovery is possible. If Btc continues to dump below the most recent low in this fall, lower targets for me become 39.8k and 31.2k on the daily, and the weekly MA coming in around 31.6, but I think it’s be better to look at that more later, as it seems to have set a pretty solid bottom of this dump, and is ranging back up towards 52k. Let’s see what this day has to offer for insight on where we stand, and where we may go from here.
I’ve poorly drawn those 3 possible scenarios on my Eth chart, I’m still waiting for more signs to emerge of some kind of trending pattern. I had drawn a R&S horizontal ray in the past at 1432, which was hit near perfectly at the bottom of this dump. The next support I’m seeing below that is 1175, the weekly 21ema at 1075 which we are still way above, and 1003. Bullish resistance targets to overcome remain the previous levels we’ve encountered in this trend, basically 1740, 1840, 1940, 2040. We have some rejection currently at 1700, if momentum can sustain around this area, emas will begin to cross back to the upside taking us back into those higher areas. If we get strong rejection, we may see this downtrend continue.
Current Btc target 52k, if we get above that level, we will regain bullish momentum. Btc has fallen below the supporting trend line for this small move to the upside, but is still showing signs that recovery is possible. If Btc continues to dump below the most recent low in this fall, lower targets for me become 39.8k and 31.2k on the daily, and the weekly MA coming in around 31.6, but I think it’s be better to look at that more later, as it seems to have set a pretty solid bottom of this dump, and is ranging back up towards 52k. Let’s see what this day has to offer for insight on where we stand, and where we may go from here.
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