We have now seen our monthly candle closes and markets have dropped pretty significantly right at the beginning of the month prior to some large news releases.
While many of the monthly candles closed heavy, red candles, the markets are looking to be ready for some price relief. An example of this is the TOTAL2 chart attached, while only showing a daily chart, these ideas carry to many Daily, Weekly, and Monthly charts across the market. The TOTAL2 chart attached has a lot of bottom side wicks in an area interest (last high before the dominant expansion). Additionally, the ETHBTC chart has a swing failure forming on the daily timeframe, and these both agree that there could be some upside coming for ETH, altcoins, and potentially the market as a whole.
The upside potential that we could see here is TBD and need to be read as more data is provided, but at the least is setting up for what looks like it will be a bullish candle close for the month of May.
We have now seen our monthly candle closes and markets have dropped pretty significantly right at the beginning of the month prior to some large news releases.
While many of the monthly candles closed heavy, red candles, the markets are looking to be ready for some price relief. An example of this is the TOTAL2 chart attached, while only showing a daily chart, these ideas carry to many Daily, Weekly, and Monthly charts across the market. The TOTAL2 chart attached has a lot of bottom side wicks in an area interest (last high before the dominant expansion). Additionally, the ETHBTC chart has a swing failure forming on the daily timeframe, and these both agree that there could be some upside coming for ETH, altcoins, and potentially the market as a whole.
The upside potential that we could see here is TBD and need to be read as more data is provided, but at the least is setting up for what looks like it will be a bullish candle close for the month of May.