On the weekly chart, a descending triangle formed and broke downwards in November of 2018. This corresponded with a 70% price drop from the top (peak) of the triangle to the base (bottom). It had a length of 56 bars. It can be deduced that a corresponding, potential 70% price drop will occur again from the base of the first triangle (see 1.a)
Major Support exists on the weekly (see 1.b), which also intersects with the potential 70% price drop at 81 bars.
As seen at (see 2.a), a potential bearish pennant or symmetrical triangle could also form.
Target: $1800 (see 3.a)
Major Support exists on the weekly (see 1.b), which also intersects with the potential 70% price drop at 81 bars.
As seen at (see 2.a), a potential bearish pennant or symmetrical triangle could also form.
Target: $1800 (see 3.a)
Comment:
^ look at the*
Comment:
Looking at the weekly, a strong bearish doji reversal pattern can be seen developing, along with a compelling bounce down from the 38.2% fib line.
Comment:
FOMO ain't messing around...
As well as a closer look the the major support on the weekly (see 1.b)