One way to look at candles is that they represent the buying and selling habits of all market participants. The buying habits in the zig zag patterns look like bullish and bearish versions of the same pattern. Maybe it's the same buyer who, at a loss, is unloading the same position. Who knows...
The first time this happened (circle 1) price made a new high but drifted back down because the trend is bearish . If the current pattern resolves in a similar way, price could make a new low, right at the current confirmed support level .
If price continues the bearish trend , we could make it down to the green line. The red line is also very possible some time after.
This could be the end of the bear market in crypto and the beginning of a long and violent sideways market until the next halving cycle starts. This can be tough for traders, and a lousy game of emotional warfare for the HODLers. The previous bear markets have always bottomed out at a price level which is above the previous all-time-high breakout point (red line). We may or may not get there, and it makes the green line very attractive to scale into a long position.
OR
Something else happens entirely.
Many people buy crypto at arbitrary price points, or worse, shortly before the end of the bull phase. Then they claim to have diamond hands and HODL forever. The most successful HODLers will be getting in at these low low prices. Count me in.
The first time this happened (circle 1) price made a new high but drifted back down because the trend is bearish . If the current pattern resolves in a similar way, price could make a new low, right at the current confirmed support level .
If price continues the bearish trend , we could make it down to the green line. The red line is also very possible some time after.
This could be the end of the bear market in crypto and the beginning of a long and violent sideways market until the next halving cycle starts. This can be tough for traders, and a lousy game of emotional warfare for the HODLers. The previous bear markets have always bottomed out at a price level which is above the previous all-time-high breakout point (red line). We may or may not get there, and it makes the green line very attractive to scale into a long position.
OR
Something else happens entirely.
Many people buy crypto at arbitrary price points, or worse, shortly before the end of the bull phase. Then they claim to have diamond hands and HODL forever. The most successful HODLers will be getting in at these low low prices. Count me in.
You must be in the arena to win the game