This downward channel isn't going anywhere. It's likely to stay in place until a regulatory body in a major country decides the fate of crypto or we see the introduction of broader adoption in consumer businesses.
We can see this from the uncertainty in reversal due the monster green candles that drove us up 1000 in under an hour. Don't buy into the rumor mills surrounding the major bump in price, due to the timing alone the bulk of the transactions driving price up cannot be sustained. We will retrace off of this immense jump regardless if this is an actual short/long term reversal.
The GOLDEN lines are resistance/support.
The PURPLE downward channel is our trend since the beginning of March which has fallen nearly ~35%.
The PINK downward channel is our 30 day trend which has fallen ~15%
I am not a doomer and don't believe we will see the likes of $1K or even $2K, however I feel that the market is waning and will for some time until adoption or some form of regulation in crypto exchanges.
We can see this from the uncertainty in reversal due the monster green candles that drove us up 1000 in under an hour. Don't buy into the rumor mills surrounding the major bump in price, due to the timing alone the bulk of the transactions driving price up cannot be sustained. We will retrace off of this immense jump regardless if this is an actual short/long term reversal.
The GOLDEN lines are resistance/support.
The PURPLE downward channel is our trend since the beginning of March which has fallen nearly ~35%.
The PINK downward channel is our 30 day trend which has fallen ~15%
I am not a doomer and don't believe we will see the likes of $1K or even $2K, however I feel that the market is waning and will for some time until adoption or some form of regulation in crypto exchanges.
Comment:
Still holding true to this, almost hit the stop @8241 still expecting to see a deep dive soon, possibly not all the way back down to 6800 but possibly 7300-7400 now.
Trade closed: stop reached:
Yikes, glad the stop was active at 8241. I will have to revisit this call and see what I missed.