Hello everyone,
I know no one wants to hear this, but it's time to come clean to all the MOON boys who are making promises and keeping you happy. What does the chart tell us, what is more likely and what are the possible scenarios for bitcoin?
First - anyone who has been following me for a while knows I am currently perma-bear on bitcoin. My short analysis has hit the mark and so far I have no reason to doubt that this assessment will continue. To rule out conflicts of interest immediately - I am flat on crypto - and with good reason! I trade stocks and that's currently a lot more fun than the coins. Anyone who is interested can have a look at my other analyses!
Even in the current mood of the end of time, Bitcoin can clearly hold on to formations that are now becoming clearer in the chart. We are talking about the trumpet 📣
"The Trumpet (Broadening Formation) is a relatively rarely occurring chart formation. Basically, it is a triangle open to the right, whose boundary lines run further and further apart at the top and bottom. The angle at which the upper and lower boundary lines diverge can be arbitrary. Normally, however, the formation is symmetrical. This means that the boundary and support lines diverge at the same angle. There is no favoured direction of breakout. The trumpet can occur both as a trend continuation formation and as a reversal formation (top formation)."
What this means to me is clear. A definite statement cannot yet be made. Nevertheless, a clear tendency can be seen here and it doesn't look so great. The price remains weak, continues to fall and recoveries are more of a homeopathic nature! A breakout on the downside is therefore currently much more likely for me. The problem here is that if the formation breaks out to the downside and the price cannot be intercepted, the crypto market will probably be trapped in a long-term and tough crypto winter for good!
The only possible remedy: the price must leave the formation to the upside, or be caught vigorously at shot target 3 on a breakout to the downside! Honestly, I wish it to everyone who is invested here!!!
Please pay attention to our risk note! I am not an investment advisor and this analysis only reflects my personal opinion and is not a call to individual action!
If you want to support my work I'm happy about a like & follow 🙏
Best regards & success!
Max from ChartDigger
I know no one wants to hear this, but it's time to come clean to all the MOON boys who are making promises and keeping you happy. What does the chart tell us, what is more likely and what are the possible scenarios for bitcoin?
First - anyone who has been following me for a while knows I am currently perma-bear on bitcoin. My short analysis has hit the mark and so far I have no reason to doubt that this assessment will continue. To rule out conflicts of interest immediately - I am flat on crypto - and with good reason! I trade stocks and that's currently a lot more fun than the coins. Anyone who is interested can have a look at my other analyses!
Even in the current mood of the end of time, Bitcoin can clearly hold on to formations that are now becoming clearer in the chart. We are talking about the trumpet 📣
"The Trumpet (Broadening Formation) is a relatively rarely occurring chart formation. Basically, it is a triangle open to the right, whose boundary lines run further and further apart at the top and bottom. The angle at which the upper and lower boundary lines diverge can be arbitrary. Normally, however, the formation is symmetrical. This means that the boundary and support lines diverge at the same angle. There is no favoured direction of breakout. The trumpet can occur both as a trend continuation formation and as a reversal formation (top formation)."
What this means to me is clear. A definite statement cannot yet be made. Nevertheless, a clear tendency can be seen here and it doesn't look so great. The price remains weak, continues to fall and recoveries are more of a homeopathic nature! A breakout on the downside is therefore currently much more likely for me. The problem here is that if the formation breaks out to the downside and the price cannot be intercepted, the crypto market will probably be trapped in a long-term and tough crypto winter for good!
The only possible remedy: the price must leave the formation to the upside, or be caught vigorously at shot target 3 on a breakout to the downside! Honestly, I wish it to everyone who is invested here!!!
Please pay attention to our risk note! I am not an investment advisor and this analysis only reflects my personal opinion and is not a call to individual action!
If you want to support my work I'm happy about a like & follow 🙏
Best regards & success!
Max from ChartDigger