An overview of the trading activities on the cryptomarkets. Studies on traded volumes, supply and demand situations, as well as periodic technical analysis of the most important crypto-currencies and indices, including the perspective of professional Traders.
Technical Analysis
Good Morning!
A week has passed since our last TA Tuesday... And nothing has changed - at least in terms of altcoins versus bitcoin.
Ethereum inverse head and shoulders formation
However, there is a potential Ethereum (ETH) formation that has been popping up a lot on Twitter called an inverse shoulder-head-shoulder formation. As far as I'm concerned, this pattern will only become interesting when the price pushes through $4k and prints a daily closing above it. The entire scenario will fall apart if we trade below the baseline (blue line). But don't get me wrong: the $4k level remains very important.
I have also checked the Ethereum/Bitcoin (ETHBTC) chart to see if I get some positive vibes there as well. In terms of the big picture, we are in a potential triangle with three touchpoints on the lower leg and only two on the upper one. From a "timing" perspective, the ETHBTC chart looks supportive of another lower leg bounce, which could turn into the push needed for the ETH price to close above the $4k level.
But... only time will tell.
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