Bitcoin Morphing Patterns
Bitcoin has been awfully quiet since it created that new ATH on October 20th at the level of $66,999. Now that we have some consolidation in place, we can see the pattern that Bitcoin is trying to paint. This will help get an idea of what may potentially be happening next and allow us to be aware of local Support and Resistance areas. What was once forming a Symmetrical Triangle is now shaping up to be more of a very local Ascending Triangle.
This basically means that the top side resistance stays relatively near the same level but every pullback gets weaker and weaker. If the Resistance stays the same but the Support continues to grow, then the thought process there is that Support will eventually meet Resistance and Resistance should give away to the stronger of the two forces.
ETH is no Slouch
ETH has been very choppy when you get right down into it but when you zoom out – ETH is gradually walking up the steps without help from anyone else. Much of ETHs success is still pouring in from the ETH 2.0 talks, the NFT craze, and of course the popularity of the Daaps and Smart Contracts already on ETH that are getting explored by all the new people entering Crypto for the very first time.
ETH is currently smashing its head on the top side of our trendline but we still have targets up high for the multitude of reasons we have spelled out before. However, if this resistance is to hold – a $3800 – $4000 ETH would not be surprising.
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