Looking at the 4hr chart the Next Level Crypto team can see two market structure emerging.
1) Bullish: Ascending Triangle
- Price action is in a 4hr uptrend and has created an ascending triangle which is highlighted by the white lines
- If the bulls can reclaim the red resistance zone at 10.4k, expect a push towers the top of the ascending triangle at 10.9k and ultimately to test the lower high at 11.8k
2) Bearish: Inverse head and shoulders
- After the stiff rejection by the bears at 11k, price action has created and inverse head and shoulders within the accessing triangle.
- This morning price broke the neckline at 10.3k and is currently retesting the red resistance zone
- If price action breaks down, look to enter short on the retest of the slopped support with the goal of testing the lows a 8.8-9k and ultimately 8.2k
1) Bullish: Ascending Triangle
- Price action is in a 4hr uptrend and has created an ascending triangle which is highlighted by the white lines
- If the bulls can reclaim the red resistance zone at 10.4k, expect a push towers the top of the ascending triangle at 10.9k and ultimately to test the lower high at 11.8k
2) Bearish: Inverse head and shoulders
- After the stiff rejection by the bears at 11k, price action has created and inverse head and shoulders within the accessing triangle.
- This morning price broke the neckline at 10.3k and is currently retesting the red resistance zone
- If price action breaks down, look to enter short on the retest of the slopped support with the goal of testing the lows a 8.8-9k and ultimately 8.2k