One has to respect this chart for being able to rally and hold it in the recent crypto carnage.
A lot going on here: rectangle basing pattern, inverse head & shoulders.
If it breaks out, it could begin an uptrend against Ethereum. And Ethereum is in a strong uptrend against Bitcoin. Very bullish if so.
Finally, notice the rather curious two week cycle in the price. Sometimes the cycle measures from peak to peak, sometimes from low to low. A backtest of the breakout level over the next week might leave this pattern intact and suggest a buying opportunity.
Or, you know, it's crypto and it could just explode.
A lot going on here: rectangle basing pattern, inverse head & shoulders.
If it breaks out, it could begin an uptrend against Ethereum. And Ethereum is in a strong uptrend against Bitcoin. Very bullish if so.
Finally, notice the rather curious two week cycle in the price. Sometimes the cycle measures from peak to peak, sometimes from low to low. A backtest of the breakout level over the next week might leave this pattern intact and suggest a buying opportunity.
Or, you know, it's crypto and it could just explode.