DEFI: lower highs suggest break of the support. Bitcoin analog
At the top we see here the DEFI index, daily chart, and below the weekly chart of Bitcoin (2018)
A series of lackluster rallies, lower highs on decreasing volume suggest that demand is really poor.
Institutions have quickly sold their assets off the top and run away from this market (RISK ON->RISK OFF MODE)
Lower highs suggest a break of the support. That break could trigger a final capitulation, where strong hands can come back again and absorb the supply. We have seen the same price action on Bitcoin in 2017-2018.
FULL ANALYSIS:
We have explored this case study in our Wyckoff Crypto Discussion, watch the full episode here:
https://www.youtube.com/watch?v=dZVTu_Oqsso&t=120s
Join us each Thursday for a discussion of the cryptocurrency market from a Wyckoff perspective!
A series of lackluster rallies, lower highs on decreasing volume suggest that demand is really poor.
Institutions have quickly sold their assets off the top and run away from this market (RISK ON->RISK OFF MODE)
Lower highs suggest a break of the support. That break could trigger a final capitulation, where strong hands can come back again and absorb the supply. We have seen the same price action on Bitcoin in 2017-2018.
FULL ANALYSIS:
We have explored this case study in our Wyckoff Crypto Discussion, watch the full episode here:
https://www.youtube.com/watch?v=dZVTu_Oqsso&t=120s
Join us each Thursday for a discussion of the cryptocurrency market from a Wyckoff perspective!
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