This Is The Only Thing I've been able to look at lately.
For everyone like myself at times that feels anxious and uneasy about the market, I say zoom out.
I find it very correlated that this extremely large formation took place after the last halfnin'.
Could We see something similar play out if this break to the upside?
Could massive volatility and fomo send us much higher then expected?
Of Course, just as this formation also paints a very possible doom for Crypto as a whole.
The break of this formation will decide the next 6 months of price action and based on anyone's trend line, were nearing its completion.
I have two descending lines:
One, from 20k to 14k Highs, This Line remains intact and untested since 14k Local high.
Two, from 14k High creating what most concede is the top descending resistance channel line that were currently in.
Weekly shows this as our 3rd attempt at leaving this descending channel,
the break of which would almost certainly provide enough fuel to break through the second resistance line.
I Present this chart with MACD in full view so you can get a sense of just how long and powerful this formation is.
RSI, Volume and MACD have all respected this triangle and eagerly await its decision.
ENTIRELY a guess but I'd say were somewhere around 75-80% through this formation.
Could we have another pull back all the way to test 5400ish? maybe but if we retrace that far I feel like it would already be over.
Conversely If we break 10.5K to the high side and open/close, Were looking at air above us.
I Would Look to the 100 Weekly EMA as a guide. Which ever side of the triangle the 100 moves us out of, it'll most likely be a long time confirm of macro trend change/continuation
For everyone like myself at times that feels anxious and uneasy about the market, I say zoom out.
I find it very correlated that this extremely large formation took place after the last halfnin'.
Could We see something similar play out if this break to the upside?
Could massive volatility and fomo send us much higher then expected?
Of Course, just as this formation also paints a very possible doom for Crypto as a whole.
The break of this formation will decide the next 6 months of price action and based on anyone's trend line, were nearing its completion.
I have two descending lines:
One, from 20k to 14k Highs, This Line remains intact and untested since 14k Local high.
Two, from 14k High creating what most concede is the top descending resistance channel line that were currently in.
Weekly shows this as our 3rd attempt at leaving this descending channel,
the break of which would almost certainly provide enough fuel to break through the second resistance line.
I Present this chart with MACD in full view so you can get a sense of just how long and powerful this formation is.
RSI, Volume and MACD have all respected this triangle and eagerly await its decision.
ENTIRELY a guess but I'd say were somewhere around 75-80% through this formation.
Could we have another pull back all the way to test 5400ish? maybe but if we retrace that far I feel like it would already be over.
Conversely If we break 10.5K to the high side and open/close, Were looking at air above us.
I Would Look to the 100 Weekly EMA as a guide. Which ever side of the triangle the 100 moves us out of, it'll most likely be a long time confirm of macro trend change/continuation
