Both macro (lawsuit, bankrupcy denied to mitigate fines) and technical points to downside in the short term. Here we see a head and soulders formation, with downside target coinciding with monthly 100 SME. Strong support for long term hold.
technically this seems like we just got rejected at the neckline (from underneath) previous support now acting as resistance. Targeting the 200 MA (monthly) also confluence with downturn channel. Macro is commodity deflationary too (short term). Many sales pitches pitching commodity supercycle end of last year. Same as bitcoin supercycle being pitched at $69k
Another take on $RIO this time following the price action that gold took between 1978 and 2012. Obviously today markets are far more efficient, algorithmic based, real time information, broader markets, etc. So it should take shorter to play out. But still it's quite significant volatility here in price move. If you are faithful, and can stomach potential sharp...
I will look at this chart from a bull and bear bias perspective. In part 1, we see a broken symmetric triangle on the macro (to the upside) that has broken out, retest upper triangle, and nicely forming a channel upwards. Short term we are inside an ascending broadening wedge, which should be bullish. Targeting the top of the intermediate channel trend. Strong...
Last dip ahead, short term, hopefully find strong support on the 400 WMA, and fib level 1.272. Rangebound there, and few bear traps / wyckoff tricks. From there we can easily resume our secular. bull market towards 100k and beyond. Fundamentals are stronger than ever. Recent weakness due to macro economic environment and altcoin contagion (FTX, and so on). Super bulling LT
What if we are about to exit a wyckoff re-distribution pattern. Lower low on the weekly would convince bulls we are in bear market. Quick and sharp capitulation to 200 MA and then bull from ther.
