Kraken is near a channel top or evident positive sentiment.
Kraken swings to the bottom of the channel. I'd like this regular channel to hold just so I have an easy way to know when to gauge the price advancing, usually its not that simple. But for the moment we hold this line roughly, 2406 is a previous peak and so its magnetised. In this market of people guessing, these significant numbers are just ones they remember or yet again we see 3,000 in bright lights like its very important.
Of course we sell off because 3000 is so important and its a good figure to put into your orders, stop sell, limit sell whatever logic you want. A consensus forms and we get sell pressure which leads into more apprehension and we must reset some again.
However I'm looking at the cause of the 'avalanche' and its a round number, just a ghost more then actual real pressure or an event. I'm not prone to be bearish with just that especially. Could be now is a time to accumulate and we'll go sideways but further evidence and price confirmation would be good.
Huobi shows a trend break of less then seven days. I think I said previously 19400 for a good area to mark strength, look for that again maybe.
$2794, $2834 are fib levels to retrace and roughly its the current range post pullback
