With that said, keep in mind that this entire pattern is just a skewed and distorted reflection of Bitcoin's pattern. If BTC finds support around here, we may see an upside reversal in other assets, such as ETH. However, if BTC continues to fall, it should continue to cause systemic pressure across the entire crypto space.
Now, if we do see a breakdown of this apparent pattern, it could potentially lead to a test of the low from 2/6. I would be extremely cautious with any long positions here, especially if a breakdown occurs. Just because of the uncertainty, I would remain on the sidelines, in ETH, until there is a breakout above the (in blue.)
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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