Everyone watching crypto right now is trying to understand if we're going higher or if we're going lower. Most people seem to be bearish. I find it useful to look at unorthodox approaches for spotting patterns. Elliott wave, fractals, Fibonacci, moving averages and clouds - all have their place and are critical for understand the picture. sometimes its better to keep things simple and look for what the previous trend relates to the current trend.
What I see is a repeating pattern. The first wave up from march-april made an interesting pattern. As it lose energy and started moving down, bulls stepped in to push the price higher. What seems to be happening in this current move from April-July is a close to identical move. Does this mean we go up? Maybe. The trend is the trend until it is not the trend. I'm watching the breakout of this pattern. If we break to the upside with volume, I'd say this is just wave 2 of 3 waves up, which could break us out of the macro down trend. If we break below, then that is a break in the trend and that invalidates this idea. Watch and choose your plans wisely, friends.
What I see is a repeating pattern. The first wave up from march-april made an interesting pattern. As it lose energy and started moving down, bulls stepped in to push the price higher. What seems to be happening in this current move from April-July is a close to identical move. Does this mean we go up? Maybe. The trend is the trend until it is not the trend. I'm watching the breakout of this pattern. If we break to the upside with volume, I'd say this is just wave 2 of 3 waves up, which could break us out of the macro down trend. If we break below, then that is a break in the trend and that invalidates this idea. Watch and choose your plans wisely, friends.