Confusing
Hi everyone,
Yesterday I talked about how Bitcoin was forming a head and shoulders pattern and the possibility of going to the last major resistance level. I also gave a free signal as an idea for DOTUSDT(Make sure to follow if you missed it)
Today, I wanted to analyze something different instead of analyzing Bitcoin, so we going to take a look on Ethereum and Vet together, since they are showing different type of price movements.
As shown on the chart, Ethereum is showing an ascending triangle, which is bullish, as the resistance is weakening by being hit multiple times. Also, it has formed a double bottom inside the wedge which is for really bullish too.
However, looking at an altcoin that has been very volatile these last few day, VETUSDT, we can see that it just broke a bearish rising wedge.
This is one of the cases that when doing a multipair analysis, it becomes confusing since we are looking at 2 uncorrelated charts that shows 2 different bias.
So what to do? I think it is better to just wait for an opportunity to enter the market at a more confirmed directional bias. In this case, I would most probably wait for a breakout on Eth's chart, and trade the retest.
Please comment if you have any questions, I will try my best to answer them.
Thank you😊
Yesterday I talked about how Bitcoin was forming a head and shoulders pattern and the possibility of going to the last major resistance level. I also gave a free signal as an idea for DOTUSDT(Make sure to follow if you missed it)
Today, I wanted to analyze something different instead of analyzing Bitcoin, so we going to take a look on Ethereum and Vet together, since they are showing different type of price movements.
As shown on the chart, Ethereum is showing an ascending triangle, which is bullish, as the resistance is weakening by being hit multiple times. Also, it has formed a double bottom inside the wedge which is for really bullish too.
However, looking at an altcoin that has been very volatile these last few day, VETUSDT, we can see that it just broke a bearish rising wedge.
This is one of the cases that when doing a multipair analysis, it becomes confusing since we are looking at 2 uncorrelated charts that shows 2 different bias.
So what to do? I think it is better to just wait for an opportunity to enter the market at a more confirmed directional bias. In this case, I would most probably wait for a breakout on Eth's chart, and trade the retest.
Please comment if you have any questions, I will try my best to answer them.
Thank you😊
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