This Technical Analysis Tuesday, let’s start with the major coins.
We are drifting into “no man’s land”. Having said that, some serious volume is going through at around the 5K level. The paradigm has shifted to buy the dips.
Fresh momentum will come when we either break through the 5,300 resistance, or move below 4,800. Trading in between will remain choppy.
The indicators we look at, such as the Ichimoku cloud, remain bullish. Only when zooming into lower time frames (1h), do we see a bearish picture.
Holding on at the break out level at around 165. Proper support in terms of liquidity pool will come in at around 135.
The picture is similar to BTC$. The Ichimoku cloud is in a bullish setup and we see no further indication that this might change.
After we broke the bullish trend line, the market moved into a sideways consolidation with a tendency for lower levels. The Ichimoku cloud is on the verge of turning from bullish to bearish. This is something we are keeping a close eye on.
So far we have seen a very clean move up to the next resistance zone and then a rejection. The correction down stopped just at the 61.8% fib retracement.
This setup looks nice and clean. It is bullish as long we hold above the 74 level with the target back up into the resistance zone.
Our target turned into resistance. The top was 0.00001950, which was a level that has been respected four times over the past 12 months. It will be a tough cookie to break.
When drawing the fib retracement levels, starting from the lower end of the triangle up to the rejection point, we have corrected 50%. Time wise, the correction could last a little longer since the upmove took almost a full month.
We expect the correction not to go deeper than 0.000015, but we cannot rule out seeing a deeper one down to 61.8%, which will come in just below 0.000014.
With best regards from the Crypto Broker TeamRead more