BTCUSD

Above is the daily BTCUSD Chart showing a nice bounce off the lows of the large descending triangle. As we get closer to the apex of the triangle we should see this pair head to the descending trendline at around 6920 which is an area confluent with the Ichimoku cloud resistance. It is important to note that the breakout of this triangle will be momentous and I’m expecting a large breakout when it does occur, so this is something to monitor closely now.

Next is the BTCUSD 4HR chart showing 2 scenarios that can happen. The pink arrow shows scenario 1 where the crypto price can just jump from it’s current level and head straight to the 6920 level, whereas the blue arrow demonstrates scenario 2 where we may get a pullback to retest the broken descending trendline and then head to 6920. I will be monitoring price action for both scenarios.

ETHUSD

Finally, for this week, we have the ETHUSD 4HR chart showing some nice price action after bouncing off the lows of the rising wedge in the Willis zone. From here, I expect the pair to achieve 243.54 which is target 1 at -27.2% Fibonacci extension confluent with the 4th touch of the upper trendline of the rising wedge structure.

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