The previous analysis, which was for a higher timeframe, did not play out. The price bounced upward from higher support levels, which suggests that after the current sideways movement is over, we are likely to see another move to the downside in the coming weeks.
But what’s happening on the lower timeframes? Let’s take a closer look.
Based on the recent data, it appears that a triangle pattern is forming on the chart from the point where we placed the green arrow.
Wave C could complete either in the supply box or within the FVG zone.
With a drop in this index for wave D, altcoins may have a chance to recover.
However, if a daily candle closes above the invalidation level, this entire outlook will be invalidated.
For risk management, please don’t forget stop loss and capital management
Comment if you have any questions
Thank You
