Sunday Synopsis #6
Get up offa that thing And shake 'till you feel better Get up offa that thing And try to release that pressure!
Another week in and more consolidation. There’s not a ton to add to the past week but it’s all still bullish and when the pressure is released we’ll probably see some action.
The weekly chart of BTC is still in the same range as last week with a bit tighter consolidation. Same position as last week. I have no reason to make any moves on my positions in profit until a weekly close below $32271. Price breaking above last week’s close around $35.3k and I’d anticipate resistance at the last market structure resistance around $39k.
I don’t often post other moving averages but after the video earlier today I did some fiddling. The 50-Week EMA has been a boss but if it fails we’ll likely be visiting those lower supports. The other exponential moving averages listed from thinnest to thickest are the 50-Day EMA, the 200-Day EMA, and the 50-Week EMA. I’ve also added in an old ascending trendline. The confluence of the EMA support and the trendline support give me reasons to think the supports will hold but it’s just a wait and see kind of thing. With price suppressed between all these regions, it’s gonna be an erratic exit whichever way it goes.
Here’s another neat shot that I touched on as well in the video today talking about the RSI.
I’ve hidden some of the support and resistance lines I had on this chart to show the break of the previous descending trendline we’d been working against. A daily close above $35286 will establish a new higher high close and start the process of rebuilding a bullish market structure. Maybe we’ll ride that ascending trendline some more.
Eth isn’t really printing much bullishness at the moment. With a down week from the last week, I’d not be surprised with consolidation between $1982 and $2300 this week.
Last week’s analysis held up.
This week looks to be more of the same. More consolidation until the price is forced to react. I’m leaning bearish on this one but it’s not a strong feeling. Topside prices will likely be limited at the 50-Day EMA and $2430 resistance, but I’m sort of expecting a breakdown from $2096 as RSI is also under the midline which gives me a bearish bias. There will likely be plenty of buyers for ETH at a $1700-$1900 price tag.
The Micro Monday post tomorrow will have some interesting setups for the week. There’s a lot of potential setting up on smaller timeframes but on the daily and weekly charts patience will pay off.
@theprivacysmurf