I would like to give a little overview of the current market situation.
Currently, the price drifts on the tiny range between the . Yesterday and today, it has increased the value but the current problem is the altcoins. has shown some pumps upwards but altcoins haven’t reacted at all and today they are even mostly on the minus side, if we wait for a breakout upwards then this is definitely not a good sign. It is doable but only then when the altcoins start to climb into the plus side, so watch those when the price starts to make a breakout upwards. If it starts to go right away and altcoins don’t follow that movement then I think that this is another manipulation move!
The bad thing is also this that if it makes a breakout upwards with low inside the candles then we have two pretty strong levels just above the $3,900 – orange areas – and Fib 62% retracement level. Currently, it is very hard to believe into the strong move because – summary:
– Altcoins are on the sleep mode
– Strong resistances just above the current price
– I don’t like this
Technically to buy after the breakout would be bad, not a mistake but bad, because of the strong resistances – they are just too close.
We have two scenarios and surprise-surprise the second one is the scenario!
Firstly, the price has tried to break above 38% Fibo retracement level but those attempts have been failed. 38% Fib level works pretty well if the trend and the momentum are great and pretty often the price finds a next leg momentum exactly from 38% level. Currently, we have a slightly positive sign from this level – we have been too long in this area. If we get a possible next leg down then it would be smaller because if we count equal waves from the top $4,190 then the C point would be around $3,350 and that’s not the good area.
Secondly, as I said, I don’t like this . Usually, those ‘ascendings’ are patterns.
If price starts to make a breakout downwards, which is more favorable, considering that current situation, then another Bart move is a possible scenario. Currently, we can draw a minor from 17. Feb. low point and from 4. March low point which gives us a crossing area (there are also EMA’s which should act as a support) with historically worked support levels around $3,730. So, if the price breaks out from the channel downwards then this area would be the first stop area. This is not a perfect bounce area upwards, this is more like a stop area/consolidation area.
SUMMARY: As said we can predict further price movement after the price has made a breakout from the channel but still, slightly more favorable is a movement downwards, especially when the altcoins are on the sleep mode and today they are mostly on the minus side but let’s see the day is not over.
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*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Previous analysis:
Published at Fri, 08 Mar 2019 13:42:38 +0000
