Updating the cup and handle scenario with the flat triangle Philakone has been posting.
This makes it look like $9400 is more significant than $10k. In his recent video Philakone is basically near term bearish since it's at the triangle resistance region and he's looking for it to go back to the triangle mid.
I think that could be the start of the handle of the cup which puts the price in a region where it could test the old $6400 point of control region. I think that would be a great place for longs especially on ethereum.
It is possible for it to just break through on the triangle but I think in the long term that would make for a weak bull move that would not have the power to make it past $20k since it would be leaving behind a flat bottom triangle which is a very bearish structure.
I am looking for a test in the green accumulation region box which would be a great final pullback zone before going back up into the teens.
This makes it look like $9400 is more significant than $10k. In his recent video Philakone is basically near term bearish since it's at the triangle resistance region and he's looking for it to go back to the triangle mid.
I think that could be the start of the handle of the cup which puts the price in a region where it could test the old $6400 point of control region. I think that would be a great place for longs especially on ethereum.
It is possible for it to just break through on the triangle but I think in the long term that would make for a weak bull move that would not have the power to make it past $20k since it would be leaving behind a flat bottom triangle which is a very bearish structure.
I am looking for a test in the green accumulation region box which would be a great final pullback zone before going back up into the teens.
