A reminder of our target on the monthly, coming up on Thursday. If we can break the Feb high of 58350, it’s six consecutive monthly candles that we’ve closed higher than the previous high:
The weekly chart did see some weakness on 1st March with a close below the low of 45914 (purple). But they since popped and made a new high close (yellow):
In fact, if you look at some other exchanges, we pretty much held this level. Here’s the Binance chart with the equivalent level plotted:
It goes to show that there’s no room for perfection when looking at levels being held/lost. Especially with Crypto. So I always look for a significant break of support (whatever that means, discretionary right). Plus higher time frame context for more clues.
In this case, given the monthly context, I’m bullish on the weekly. It held.
I’d now like to jump to the 2-Day chart, as something significant happened on yesterday’s paint. By closing above 57207 they broke the down trend that’s been in place since the 12th March highs:
From the monthly and weekly charts, it looks bullish. The question is, do we pop now, or take another swing down first. Of course, it’s impossible to say for sure. But the 2-Day would suggest we at least rally to the 61165 area first.
If we were dumping, I would have expected to see the 2-Day down trend hold, and for yesterday’s close to be below 57207.
In terms of patterns, we broke out of the bull flag yesterday. And saw a a contained continuation triangle pattern:
These may or may not play out, but they do support our monthly and weekly bias.
So into the lower time frames. What can we expect today? More buying I’d say:
It’s going up. But the question is how. If we pop straight up, expect to see resistance at 59345 and 61165. If we retrace first, we should get support at 55575.