Technical analysis and explanation eth will have a Bullish break

28 de dez. de 2022

As you can see this time we are looking at the 4h time frame. Generally my analysis is done on a lower time frame but to show you why i believe this will break higher the 4H time frame shows things more clearly. As shown here we have an atypical channel and at this point it has held every single time there was threat of a breakdown. We have continuously made higher lows on the 4H time frame and until this trend is broken this idea is still valid. In addition to the higher low formations, you can see there is a bullish stochastic cross, and in addition to this you can see that there was a huge volume spike beforehand back when the price was in the 1100-1150 range. This volume spike shows that there was a huge amount of selling pressure and even with that the 1100 support was not broken. These volume spikes that are of anomalous size generally symbolize reversals on all time frames. Until i see a large green volume spike of similar magnitude or a huge drop off in volume in general, i will not be convinced that a move to the upside has been completed. More analysis to come . I am overall bearish rn for crypto and stocks but in the short term things will flip bullish so get ready to go long folks. Also from a fundemental perspective, end of year generally has a rally before the new year.