The latest FTX - Binance news are hitting the crypto market very hard since yesterday and the price was aggressively rejected on the 3D MA50. This will not be the most popular analysis among crypto investors but this has started to look a lot like the final stage of the 2018 Bear Cycle where after failure to break above the 3D MA50, the price broke below the June - October Triangle and collapsed almost another 50% to the 1.186 Fibonacci extension.
The similarities are astonishing as again in 2022 we are having a June - October Triangle, which just broke to the downside yesterday. A 47.50% drop from the June bottom would be $9400, while the 1.186 Fibonacci extension is at 8300. The RSI breaking its rising support (Higher Lows) on both occassions, confirms the breakdown.
Hard to believe but a new Low within the 8300 - 9400 zone is technically justified. Do you have an argument against it? Let's make a constructive discussion in the comments down below!
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The similarities are astonishing as again in 2022 we are having a June - October Triangle, which just broke to the downside yesterday. A 47.50% drop from the June bottom would be $9400, while the 1.186 Fibonacci extension is at 8300. The RSI breaking its rising support (Higher Lows) on both occassions, confirms the breakdown.
Hard to believe but a new Low within the 8300 - 9400 zone is technically justified. Do you have an argument against it? Let's make a constructive discussion in the comments down below!
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
## Also DONATIONS through TradingView coins help our cause of increasing the daily ideas put here for free and reach out more traders like you. ##
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial