Bear Flag Forming or Further Correction?
So, it looks like we have something going on....a flag or a continuation of the down trend?
We're seeing inside bars and bear pressure on the longer term charts. However, is this a sign of a bull flag??
We haven't touched or broken the previous high from the last double top at $277 for ETH, so it is likely that this could be a last push fight from the bulls to rally. I'd expect a consolidation like this to be more of a triangle wedge/pennant vice a flag, but in this market, we get surprises daily!
Support still sits at $240 which was hit late last night. The real test to see if/what is happening will be if ETH can break $272. If there's a break, we'll see a higher and a test of the $277 which could be a HUGE sign of an overall trend reversal.
Good luck!
It sure has been stable the past few days compared to the past week but that could change at any time. The ethereum chart has pretty closely followed btc chart but they're a little different.
I think it looks like a bull flag forming on the 4 hour chart for BTC and I also think where one goes so will the other at this juncture. Time will tell and I don't think it'll take very long. It looks like the Last green candle indicates we could see it break above the ~$3850 resistance area in the next day or two.
This just reminds me too much of the drop from 3k to 1800 and how fast it went back up because so many newcomers are entering the crypto market, experienced investors buying the dip and also bigger players on Wall Street dabbling in the market too.
The ethereum chart does look a little different than btc. I put some money into ether this past week as my average my this week is about $238 per coin so I'm pretty happy at this point. I plan to hold these coins long term (both btc and ether but I'm kind of partial to ether bc the transactions are way faster).
I think there's a lot of people out there who will buy around the $3k level if it goes there again. I know I'll make another buy. It wouldn't hurt for it to consolidate for a bit honestly but I'll never complain about a rally (unless I'm short but I don't short cryptos).
I think we go lower first, but not sub 3k
Agreed that these next few days seem pretty damn important to see if there's a trend reversal unless it keeps going sideways somehow.
It's really anyone's game at this point. I literally have NOOOO idea.
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