Hi traders,
Quick update. Clearly a right shoulder forming right now. on the chart. I don t expect sudden volume that will break the resistance zone at 3650. Instead very probable that the price will drop again in couple of days to 4900 - 5000 zone (neck line). A last small bounce, maybe sideways action and then eventually a break of the support line. Would be already the 4th - 5th touch. Head and shoulder is a bearish formation.
Past few days altcoins were dropping hard. Bitcoin is getting dominant. A clear sign, even with the little uptrend now, that bearish times are coming.
All traders who are buying now (5300 - 5400) will get burned.
Good luck!
Quick update. Clearly a right shoulder forming right now. on the chart. I don t expect sudden volume that will break the resistance zone at 3650. Instead very probable that the price will drop again in couple of days to 4900 - 5000 zone (neck line). A last small bounce, maybe sideways action and then eventually a break of the support line. Would be already the 4th - 5th touch. Head and shoulder is a bearish formation.
Past few days altcoins were dropping hard. Bitcoin is getting dominant. A clear sign, even with the little uptrend now, that bearish times are coming.
All traders who are buying now (5300 - 5400) will get burned.
Good luck!
Comment:
I am sorry I meant burned :)