Now the chart looks dire. 100 day MA and trendline are broken. If the double top is folded down (identical blue vertical lines), target would be around 4500 USD. Note the perfect backtest of the neckline (red) which gives this setting plausability.
Hope is restored if the price advances rapidly above the trendline and 100 day MA. Then the setting would be a big abc flat since december with nice fib relations.
I don't know... Your chart shows that the previous times it broke the MA, it only did it for a couple days. You're also not really drawing your trendline to be commensurate with volume. Why would you cut through the candles & wicks at the middle of September when it had such high volume? Trying to understand, not criticize.
ligand
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@sn0wcrash, regarding the MA I of course also think (and wrote ) that a rapid reverse is still possible - like a few times before as you said.
I tried to draw the trendline with as much contact points to extremes of dips as possible. Perhaps dips with very high volume might even be a bit misleading because the price Kind of overshoots in the heat of the action. But of course my trendline will be the wrong one in the end.
DukeDinhd6
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nobody take this chart seriously
ligand
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@DukeDinhd6, at leastnoone who bought bis first cryptos around Early dezember i guess