Note 3D is the 3 day time frame which I have chosen for clarity. This potential pattern was discussed in the crypto video yesterday. Potential short term catalyst with US/Iran tension, though reaction was delayed by a solid hour or two last night from when broader markets reacted.
This will mean nothing if the result is just another lower high. It is break $7,689 the next couple days or bust for the BTC bulls. Normally when things get choppy in the sector I zoom out to the daily chart but recently even the daily has been a bit choppy on many coins. I like this 3 day chart because it is smooth and clearly shows what is needed for the bulls to take momentum into their favor. A bull break with alts following to negate weekly bear flags and increase odds of monthly higher lows being set is the goal for the sector bulls.
Bears are going to be waiting at lower high resistances to top fish, hoping that this move was impulsive and the crypto space lacks any true significant correlation to global events and tensions. $7,531 was the last daily lower high and key resistance for today.
agreed from a daily perspective, but the monthly and weekly must be considered as well
UnknownUnicorn1905571
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Well, on 2D it looks like triple bottoms based on closing price. Not really sexy for BTC when we looked at past history. Patterns are not really clean right now imho.
UnknownUnicorn1905571
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On a side note, the previous 3D candle is actually a 2D candle to match the EOY. So the 3D chart is kinda not 100% accurate if you want to be picky.