The first scenario of an upward continuation after the breakout of the downward trend after a small retrace didn't happen. So now, we look at a Scenario "B" which is that price will come down to touch the trend line before taking off in the upward direction. Looking at the height before the previous fall, looking to target the 36-38k area.
This touch of the downward trend line may not necessarily be a closed candle touch, depending on the TF you're looking at, but it could be a flash drop and rise.
In a larger scale of things, the big institutions need to spend their funds real soon. If stocks is a no go, crypto is the only sensible place, considering the best YoY reward compared to any other commodity. Many people think that the current selloffs are due to whale dumping. But is that sensible? It's a known fact that the crypto market is currently half market cap of weeks ago. The more likely case is funds are being moved to the exchanges to create fear of a dump, but is really a move to suppress the price as much as possible to guarantee as little as possible a downside risk. Make sense?
Follow if you like my ideas.
This touch of the downward trend line may not necessarily be a closed candle touch, depending on the TF you're looking at, but it could be a flash drop and rise.
In a larger scale of things, the big institutions need to spend their funds real soon. If stocks is a no go, crypto is the only sensible place, considering the best YoY reward compared to any other commodity. Many people think that the current selloffs are due to whale dumping. But is that sensible? It's a known fact that the crypto market is currently half market cap of weeks ago. The more likely case is funds are being moved to the exchanges to create fear of a dump, but is really a move to suppress the price as much as possible to guarantee as little as possible a downside risk. Make sense?
Follow if you like my ideas.
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If you check on the M5, it has already flash-crashed to retouch the trend line and back up. looks good!
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