Celsius has been a favorite of mine since the ICO in 2018! A true champ that weathered the bear market and came out shining with a 5000+ % gain!! Has this changed? Well as much as I hate to say it, like I've heard many times over the the years "get the f@CK out party's over"! Ok maybe not just yet but as my very first published idea I thought I would get crusty with Celsius as my expectations (never expect anything and you will never be disappointed) dwindle like the hairs on my head! These are my thoughts - since Dec 30 2020 Celsius has been in a steady decline -Weekly timeframe support of .00009976 has been broken -declining volume since November 2020 and the formation of a descending triangle suggest further downside if the Daily support level at .00009190 is broken and H4 - Daily candles are closing below this level -Daily RSI is showing a struggle for re-entry into the bullish control zone although, we are nearing the bottom side of the channel formation and the RSI is providing support of the EMA on the Daily - on the chart you will see a yellow rectangle labeled as "crusty demand zone": this may be an area for a bounce but it has been violated but with such a narrow range risk management is easy with a stop just below the zone -the lower blue box at .00005654 - .00005312 zone could provide a buy opportunity if price were to hit that area -there should be many shorting opportunities ahead (red supply zones), if Celsius does not break down completely first - look at the daily demand zones for some short term bounces and for early indications of reversal on lower timeframes when price action enters those areas Final thoughts: Celsius may be building a base at the currents level and perhaps something fundamentally happens for a much needed boost! The range to the downside is very large and a measured move of the descending triangle indicates a frightening move to the May 2020 levels at .00003 satoshis! Overall, I am more Bearish on Celsius/BTC than I am Bullish but I am drinking the Hopium for this old girl and can't give up on 'er until current levels are broken.
Please feel free to leave a comment and share your thoughts and opinions, good or bad and remember to stay crusty!!
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Ignore the descending triangle as described. The base of the triangle is around .000125 I believe and could still be playing out for a move lower.