Short Term View
Drawn more short term, there's the descending resistance from the last few local highs drawn along with a horizontal support zone (blue lines). Was a little liberal with the horizontal support in cutting wicks but the general idea is there and it closely lines up with the VPVR high volume node. On the flipside, even if we break up through the descending resistance, there was a lot of volume in the 9.2-9.4k range that could make it serve as some resistance as well. A break through of 9.4k, avoiding those high volume nodes, would be very bullish. Meanwhile, I'm not overly worried until 8.8k breaks as we chop around in the lull between the two local high volume VPVR nodes.
The blue lines do form a descending triangle, but not going to overly preoccupy myself with that until it breaks because the horizontal support it would entail falling seems pretty strong. Same with the *forming* H&S (purple). As with the iH&S on the long term, that H&S literally means nothing until we return back down to 8.8k and then 8.8k breaks. Furthermore, unlike the larger iH&S, the volume on the shoulders doesn't really fit the pattern (and volume is really important for a H&S).
Overall, continuing to avoid trading this as it's chopping around with my risk profile being currently in some alts with majority BTC/ETH. Watching 8.8k below, or a move above 9.4k above.
The blue lines do form a descending triangle, but not going to overly preoccupy myself with that until it breaks because the horizontal support it would entail falling seems pretty strong. Same with the *forming* H&S (purple). As with the iH&S on the long term, that H&S literally means nothing until we return back down to 8.8k and then 8.8k breaks. Furthermore, unlike the larger iH&S, the volume on the shoulders doesn't really fit the pattern (and volume is really important for a H&S).
Overall, continuing to avoid trading this as it's chopping around with my risk profile being currently in some alts with majority BTC/ETH. Watching 8.8k below, or a move above 9.4k above.
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