Watch my daily technical analysis on Bitcoin & crypto alts, BTC ETH EOS IOTA LTC
ETH is trying to break the Lower High on the hourly and is fighting with EMA12 right now. Relatively stronger to BTC & leading, if we can hold this bottom. I also like the volume, should make the bears at least a little bit uncomfortable ;). Otherwise, today we achieved actually the May lows in the correlation (=>ETHBTC). If we keep falling from here, until the area around 420-430 there is no support.
About myself: Global citizen & early Bitcoin adopter from Germany. I invested in the 2nd rally from 50 to 1.000 Dollars in BTC. I'm currently a member of the ChartGuys community.
@saviosax, could be yeah, But even if that's a wedge we're breaking out of, please keep in mind: A wedge, no matter if bullish or bearish, is *the weakest form of trend reversal*. In most cases, the chart breaks out, consolidates little bit, & just keeps going *in the same direction* just smoother. Remember this nice wedge everybody saw on BTC, look what happened:
=> If you want to play trend reversal, play nice ones, like the inverted H&S we had on ETH yesterday! Even better: Play nice bull flags or bear flags, much better risk:reward/higher chance for you!
saviosax
⋅
@jack777, but dont forghet the price action, we touch a big support ... You are PRO I dont need tell you....