Hey everyone, hope you are doing well. Crypto seems slow lately, right?! Well as we can observe in our graph, we have decreasing momentum to the upside and increasing momentum to the downside. We have formed a psychological floor support level at 50K which it has tested twice. This is the first time in the bull run that a higher high wasn't made.
Sentiment
Euphoria. That is what we are all feeling right now. Our anticipation and nervousness for the next bull run also creates distress and instability in the market. We can all agree that this bull run seems too good to be true. We did expect 100K, but did we really? If someone told you last year that bitcoin would move to 65K next year, you would probably have laughed. See what I mean now?
Technical Analysis
Trend Lines - We are no longer travelling in a parabolic trajectory. We have broken the first major trend of the bull run and are no entering the consolidation phase. Whether we move up or down from here will be determined by the market, media, market manipulation and social media. The fundamentals do matter - just look what happened to Ripple.
LONG TERM - SHORT
SHORT TERM - LONG
Love, peace, Seb.
Sentiment
Euphoria. That is what we are all feeling right now. Our anticipation and nervousness for the next bull run also creates distress and instability in the market. We can all agree that this bull run seems too good to be true. We did expect 100K, but did we really? If someone told you last year that bitcoin would move to 65K next year, you would probably have laughed. See what I mean now?
Technical Analysis
- Rising Wedge Formation (4H) - As we can observe on the graph, a rising wedge has formed. Common knowledge is that a rising wedge after a rally means a reversal. Breakout and retest of the wedge and use of previous highs/lows as resistance/support levels. Bitcoin has already broken to the downside and will retest over the next few days.
- Decreasing Momentum - The percentage gain of the next rally has reduced three times, whilst the length of the fall is staying consistent. Decreasing upwards momentum means increasing downwards momentum.
Trend Lines - We are no longer travelling in a parabolic trajectory. We have broken the first major trend of the bull run and are no entering the consolidation phase. Whether we move up or down from here will be determined by the market, media, market manipulation and social media. The fundamentals do matter - just look what happened to Ripple.
LONG TERM - SHORT
SHORT TERM - LONG
Love, peace, Seb.
