07.02, 6PM UTC --- A very quick post on Curve DAO token price action, which seems to be forming a nice rising wedge that could possibly be near completion, meaning the price could fall off soon. This is a fast analysis (thus possibly wrong) simply meant as a warning for people who have just opened long positions on Curve, or bought the dip. Along with the wedge we can see that the average volume (volume traded over a certain period of time) has been on the decline, which further validates the bearish reversal rising wedge pattern. It's almost too obvious to be true. I am not giving any time frame or target for a short trade though, I am still fairly clueless about what could happen, so I will just be closely watching the PA.
Side note: I'm also wondering if that would be an example supporting the thesis of alt coin behaviour revealing what is the true intent behind the current price action of BTC. BTC has been correcting to the upside and then breaking out in a similar fashion to what it did in July before taking off to ATH, so some people are getting all hyped up thinking we're in for a parabolic run. What if certain alts like CRV hint at what's actually about to happen soon? (i.e., a bull trap and correction down to 30k.)
Side note: I'm also wondering if that would be an example supporting the thesis of alt coin behaviour revealing what is the true intent behind the current price action of BTC. BTC has been correcting to the upside and then breaking out in a similar fashion to what it did in July before taking off to ATH, so some people are getting all hyped up thinking we're in for a parabolic run. What if certain alts like CRV hint at what's actually about to happen soon? (i.e., a bull trap and correction down to 30k.)
Trade closed: target reached