Some traders have already managed to make profits on shorts thanks to the ABC pattern. Now, we can see there’s a 3-wave pattern with 100% extension. Although it doesn’t seem to be so, bears are in control and now, we’ll have a lower target for BTC.
If you want to reap benefits from Bitcoin trading, you should enter the market now at short positions. We keep going from a high swing to low swing, and the golden pattern is the best position now.
Price fluctuations are dangerous for BTC at the moment: even if BTC drops by only 8-10%, that will be a serious impact on the market. The resistance is huge and will be difficult to break up. People are unsure that we will beat the rising wedge – it’s almost always bearish. We might have a continuation pattern of the wedge, and it might cause a trend reversal.
Yet, it should be noted that Bitcoin’s support stays strong, and in the future we should opt for long positions, but not be too confident of that.
If you take a look at the Bitcoin price chart, you’ll see BTC is moving in a channel. BTC might be going along the middle line, but if it fails to break resistance, we should expect it to touch $4,500 or even lower. Oppositely, if we find support, BTC will test new heights and soar to the moon.
As for Cardano, its price chart shows there’s a triangle pattern starting from the middle of April. People started getting bullish on the market, and Crypto 99 is also sure that we will see some kind of bounce. We are having a huge volume of ADA circulating on the market. We’re moving within a channel and are currently going to the lower part of this. A lot depends on Bitcoin’s movements. If it breaks upwards, Cardano will follow its path, too.
What to do with ETH to reap benefits? Try to take a long position hoping for a bounce. We can see an impulse starting from the middle of April – that’s a strong bullish sentiment.
A week ago, an ABC pattern started forming. Two things might happen: we can make an A wave but not a B one. If the current movement is not bottom but a fourth wave out of five, ETH can go up.
Hey, there’s also an ABC pattern! But there’s no reason to enter a long position, as the recent drop is 3rd wave, and there might be 4th wave – we’re steadily making it. Alternatively, there will be a triangle, and after a few fluctuations, EOS will drop eventually.
Cryptocurrencies are still on the rise, and bears are still staying away from bulls. ABC and other patterns forming hint at the fact that some assets can undergo a correction before starting another, even more powerful rise.