Dont have time for a full write up right now, may update when I can. But I feel if we are in for more downside, it will be short lived, as we are begging for a bounce based off multiple indicators (only rsi shown here) and support levels. 6k is our final big support if we see more downward movement. If we break upwards, we'll see resistance first at our descending trendline, next at our ascending fan channel around 8.35k, and then next at the teal fib line around 10k, though thats a bit overly optimistic. If we do however break past our second fan line, we would also be breaking past our prior high from 7-24, this would be a serious indication that the market has reversed, but again, it's not too likely at the moment.
Most likely however, we'll see some bounce in the next few hours or days, but nothing that pushes us to new local highs just yet.
Most likely however, we'll see some bounce in the next few hours or days, but nothing that pushes us to new local highs just yet.
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Secondly, Id like to add a chart with a few of what im calling "meme lines" just for fun. As a back story, I JOKING drew a rounded bottom that seemed to fit at our lowest low yesterday... on the 1 minute. Like i said, jokingly, well it actually held and we never went lower since, leading some people in chat to feel like I shouldn't have been joking and some not even realizing I was at all, saying that its a tool and TV gives it to us for a reason.
So I addressed that by talking about how round bottoms and curves in general, while fun, are really, really easy to find anywhere you look. When you have three controllable points on a curve (as tv gives us) it's easy to make it fit whatever scenario you're after, and as an example I drew this
While bounces on these those green meme lines are CERTAINLY possible, I wouldnt count on it based on the curve alone, EVER. If it bounces on these curves in future it will almost certainly be due to other support/resistance levels, other, non-curved trendlines, indicators, etc.
but Like I said, theyre fun, so enjoy, and I'll keep us updated.
So I addressed that by talking about how round bottoms and curves in general, while fun, are really, really easy to find anywhere you look. When you have three controllable points on a curve (as tv gives us) it's easy to make it fit whatever scenario you're after, and as an example I drew this
While bounces on these those green meme lines are CERTAINLY possible, I wouldnt count on it based on the curve alone, EVER. If it bounces on these curves in future it will almost certainly be due to other support/resistance levels, other, non-curved trendlines, indicators, etc.
but Like I said, theyre fun, so enjoy, and I'll keep us updated.
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Alright, now lets get a little Bearish, I made a whole new post for this one
Its actually not wholly bearish, but a less bullish, more neutral look at things
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Prior support is acting as resistance now. This is bearish af
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Driving at the moment so no chart but we broke through! The rally is on!
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Bounced off the .786 fib line
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Looking like we bounced just ABOVE our major support at 5900. I'm starting to get really bullish, though still only long on XLM as well as a short on ETH.
BTW LTC is going to crash hard and never recover, take my word for it.
BTW LTC is going to crash hard and never recover, take my word for it.
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We came INSANELY close to my breakout prediction. Many many times in crypto when I see a successful breakout from a downward resisting trendline, I see it fall shortly shortly after only to bounce off of the previous resistance line, now acting as support, in this case, its the yellow dotted one,
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Wow, following perfectly now
I'm also not saying that we couldn't fall to 6k in the blink of an eye and truly break the trendline, just noting how as it stands now, it hasnt been invalidated.
Additionally we made a lower low on the RSI than I was originally hoping, but it was still a higher low that our last local low, as shown in the chart in this update.