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ETH - H4 TARGET HIT & Double Bottom Pattern possibility
Hello guys, quick update, it just hit my 198.55 target, pretty nice but another rejection at 50 EMA, been like that since early october.
The thing that I found lately is that there always a weird shakeout before every move I see. Is it manipulation, hard to say but it definitely play with people mind. Because as you can see, we got a huge wick down that caught a couple Long SL, a lot of $liquid.$$ and we found a way to close above trend, kinda funny when you start predicting those weird move. Probably a sign that I got outplayed by a couple of them earlier LOL, gotta learn.
On M5 chart we have bullish rejection at 196.50 which is a really good sign for the moment. If we can hold there at 0,382 fib this would a really nice correction but I wouldn't be suprise to visit last high at 0.5 fib (195,66) but let's hope NOT! :D
Tonight is the monthly candle close which could be a really important point for ETH and BTC if we manage to close below 6383 this would mark a yearly low and from what I see on the H4 chart this could possibly be a double bottom pattern.
We have higher volume on the first dump and the first dump marks the lowest point out of the 2 bottoms. We got a higher volume on first peak, failed to make higher high since that peak and printing higher lows, a good sign of a bearish pennant.
The second dump confirmed the pennant and the dump ends up higher then the first one with lower volume which is another good confirmation of a double bottom pattern, for now.
Usually a double bottom pattern is a mark that a intermediate or long-term change in trend is coming. Which seems like a good point if you pay attention to the upper trend resistance, but you know, we are used to those fake breakout :) .
What I will be paying attention to today is the monthly candle close that will probably mark the yearly low on BTC then I expect in November the confirmation of the double bottom pattern. To confirm the pattern we will need to break 198-200 ~ resistance first, that would be first confirmation, the second and final confirmation will come from closing above 208 ~ and break upper trend resistance. When this happen, the double bottom reversal will be done.
So this is an important day for us, cryptonerds, have a good days guys, have fun trading and of course keep LEARNING !
vOid
The thing that I found lately is that there always a weird shakeout before every move I see. Is it manipulation, hard to say but it definitely play with people mind. Because as you can see, we got a huge wick down that caught a couple Long SL, a lot of $liquid.$$ and we found a way to close above trend, kinda funny when you start predicting those weird move. Probably a sign that I got outplayed by a couple of them earlier LOL, gotta learn.
On M5 chart we have bullish rejection at 196.50 which is a really good sign for the moment. If we can hold there at 0,382 fib this would a really nice correction but I wouldn't be suprise to visit last high at 0.5 fib (195,66) but let's hope NOT! :D
Tonight is the monthly candle close which could be a really important point for ETH and BTC if we manage to close below 6383 this would mark a yearly low and from what I see on the H4 chart this could possibly be a double bottom pattern.
We have higher volume on the first dump and the first dump marks the lowest point out of the 2 bottoms. We got a higher volume on first peak, failed to make higher high since that peak and printing higher lows, a good sign of a bearish pennant.
The second dump confirmed the pennant and the dump ends up higher then the first one with lower volume which is another good confirmation of a double bottom pattern, for now.
Usually a double bottom pattern is a mark that a intermediate or long-term change in trend is coming. Which seems like a good point if you pay attention to the upper trend resistance, but you know, we are used to those fake breakout :) .
What I will be paying attention to today is the monthly candle close that will probably mark the yearly low on BTC then I expect in November the confirmation of the double bottom pattern. To confirm the pattern we will need to break 198-200 ~ resistance first, that would be first confirmation, the second and final confirmation will come from closing above 208 ~ and break upper trend resistance. When this happen, the double bottom reversal will be done.
So this is an important day for us, cryptonerds, have a good days guys, have fun trading and of course keep LEARNING !
vOid
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