guys this is bad news
we have formed a double top pattern and if anyone is still long, you should short now.
this is going to drop to sub 7k in the coming days
the MACD also crossed the signal line. We're at least heading down to 6.8k before you can make any LONG decisions
we have formed a double top pattern and if anyone is still long, you should short now.
this is going to drop to sub 7k in the coming days
the MACD also crossed the signal line. We're at least heading down to 6.8k before you can make any LONG decisions
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Here is the bigger picture
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the purple Trendline could be a reversal from the downside. Also notice the Volume pattern forming. it resembles the dump from the ATH
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So we have retestet the neckline yesterday and broke down again, but it seems there' is a mental support at 8.5 and people are not willing to go lower.
as of now it seems like we are drawing a descending triangle, which could be a reversal sign. look for a volume backed breakthrough and we might retest the neckline again.
if we break through that one we might see some upside but don't be fooled.
The fall back into the downtrendchannel is a very bearish move and I still think it is a bearish market since the daily MACD is still in bearmode.
So we have retestet the neckline yesterday and broke down again, but it seems there' is a mental support at 8.5 and people are not willing to go lower.
as of now it seems like we are drawing a descending triangle, which could be a reversal sign. look for a volume backed breakthrough and we might retest the neckline again.
if we break through that one we might see some upside but don't be fooled.
The fall back into the downtrendchannel is a very bearish move and I still think it is a bearish market since the daily MACD is still in bearmode.
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there is a possibility that we are drawing a flag right now. I can't say it's gonna happen a 100% but we have to see if it bounces at the bottom of a channel.
but what is happening very soon is a deathcross. the 50 MA is going to cross the 200 MA. If we don't cross the 50 MA to pull it up. the Deathcross will definitely happen.
but what is happening very soon is a deathcross. the 50 MA is going to cross the 200 MA. If we don't cross the 50 MA to pull it up. the Deathcross will definitely happen.
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we have bounced of the predicted bottom line of the flag. this is a nice opportunity for a daytrade. this might go to 9.5 again or even retest the upper line of the flag but it will ultimately go down more
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reversal point to the big drop could also be the 50 or the 200 MA on the 4hr chart
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6.8 is coming closer and we might bounce of that trendline and reverse, but be careful. the daily MA's are drawing a deathcross and we might just move into a multi year long bear cycle. we might go down to 5k or even deeper.
go long when the volatilty is low for a period of 1-2 months.
go long when the volatilty is low for a period of 1-2 months.