I feel it's easy to get lost in what is happening NOW and forget what has happened OVERALL.
Zooming out to a weekly chart and using basic trading indicators, we can see where this is going.
Trading Volume: Low
Double Top: Confirmed
Elliot Pattern: Concluded
SMA50 & SMA100: Same setup as Dec 2021
Stochastic RSI: Turning bearish
First target: 92 - 93k range
Second target: 77 - 78k range
Third target: 33 - 34k range
I suspect a slight uptick at 93k, but not surprised if it breezes past this onto 78k.
Strange that anyone views this as a bulllish movement. This is a clear signal of a bearish market, and if altcoins follow then it'll be a full on crypto winter.
Zooming out to a weekly chart and using basic trading indicators, we can see where this is going.
Trading Volume: Low
Double Top: Confirmed
Elliot Pattern: Concluded
SMA50 & SMA100: Same setup as Dec 2021
Stochastic RSI: Turning bearish
First target: 92 - 93k range
Second target: 77 - 78k range
Third target: 33 - 34k range
I suspect a slight uptick at 93k, but not surprised if it breezes past this onto 78k.
Strange that anyone views this as a bulllish movement. This is a clear signal of a bearish market, and if altcoins follow then it'll be a full on crypto winter.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.