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The double top pattern was not confirmed and price retraced of support zone. We can follow the bullish momentum and go long. If we see a confirmed breakout either side we can follow it.
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On coinbase the channel appears as a rising wedge that tops out around 172, which also corresponds to .618 fib ratio. Volume is also decreasing. I'm more inclined to short right now, especially after that huge engulfing candle and creeping recovery.
UnknownUnicorn6061584
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@calebga, agree. This setup is more to follow the momentum cause we got a retracement inside the channel. Before the breakout I would not take any big risk on trade this
UnknownUnicorn6047038
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very good analysis) we see a rising wedge at ethereum
asmallshrub
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Looks like ethereum might’ve turned this resistance level it just busted through into a support. It’s been fighting very heavy sell pressure
asmallshrub
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I agree.
MusclesCrypto_
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I'm unsure of what you're seeing here. Are you ignoring the double top of the 15th followed by the 19th? That is a true double top, seperated by sufficient time frames.