I am not really in sync with the market. We did not reach the lows I thought we would after last week’s topside failure. And I totally missed the rotation out of Ethereum (ETH).
Having said this, if you are feeling out of sync, it is important to take a step back and take a fresh look at the charts.
Bitcoin BTC (4h)
I am watching three points:
- Price above the Ichimoku cloud
- Ichimoku cloud is green
- Above 41'000, the lower high wave structure will be broken (bullish)
It feels like range trading has transformed somewhat into a potential bottom building. The range is wide: roughly 31'000 – 42'000 USD.
For me, the more neutral zone is the 44'000 – 50'000 USD range, which would indicate to me that the potential threat of a shoulder-head-shoulder formation is diminishing.
Ethereum ETH (4h)
This is somewhat uninspirational… there is a wide range of 2'200 – 2'900 USD.
On the daily chart, things looks a bit more promising: that we are consolidating after a blow-off top. The first target is pushing above the baseline and keeping the price above the Ichimoku cloud.
Ethereum/Bitcoin ETHBTC (4h)
I scrapped the irregular ABC correction and started with a clean chart. It speaks for itself.
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