Potential Double Top on $alph, worst case bear scenario
Charting AALPH on MEXC
-I believe a potential double top could be forming on Alph
-price could not retrace above the .618 level, which is a clear sign of weakness
-price is also starting to show resistances towards the .382 level, another sign of weakness
-once the double top is formed, there is a technical target at $0.239 per alph.
Although this seems unlikely bear in mind that in the bear market, Alts can and have retraced more than 90%+
Given the situations around the world
-potential civil conflict in UK/Europe/USA
-USA facing a looming recession
-war in Ukraine/Russia
-middle east conflicts
-sell of BTC by the US government
-rising energy cost to mine BTC
There a high degree of possibility that we could be heading into an unexpected bear market.
Not saying this will happen with certainty but once the formation of the double top is completed in the charts, $0.2394 would be a good technical level to start buying alph.
A retrace from $4.03 to $0.239 is about 94%, which is inline with a lot of what alts have done in previous bear market.
-I believe a potential double top could be forming on Alph
-price could not retrace above the .618 level, which is a clear sign of weakness
-price is also starting to show resistances towards the .382 level, another sign of weakness
-once the double top is formed, there is a technical target at $0.239 per alph.
Although this seems unlikely bear in mind that in the bear market, Alts can and have retraced more than 90%+
Given the situations around the world
-potential civil conflict in UK/Europe/USA
-USA facing a looming recession
-war in Ukraine/Russia
-middle east conflicts
-sell of BTC by the US government
-rising energy cost to mine BTC
There a high degree of possibility that we could be heading into an unexpected bear market.
Not saying this will happen with certainty but once the formation of the double top is completed in the charts, $0.2394 would be a good technical level to start buying alph.
A retrace from $4.03 to $0.239 is about 94%, which is inline with a lot of what alts have done in previous bear market.
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