While most of the crypto market is either reaching all times or have retraced into the golden zone there are very few still in the lower portion of the range.
CRV is a crypto project that is the litteral foundation of a very large portion of defi. Last years hack sufficently drove prices to the extremes for a mulit cycle recovery.
This is a daily chart and while price has risen significantly from its lows the massive drop has created massive swings. Price may or may not continue higher but is currently only about 50% of the way to the golden zone retrace area let alone on to new all time highs.
Current Trading Plan: Continue to hold long for a pause in the 1.85 area approximately 175% higher. Price is already up significantly and large pull backs are likely.
I expect 1.87$ in 3 months, after that all market summer correction phase. What do you think? Now crv is forming inversed head and shoulders with neck line at 0.87, finishing formation of second shoulder at the end of April.
Degen-Dynasty
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@harchenko93, Being it is up so far it is really hard to say when a major correction will come. Unfortunately we are way past the phase where the entire market is over sold and kind of stuck in middle territory. What makes this stand out from the rest is the fact that it is integral to crypto for now at least and hack hammered price so far that with profit taking and regular market cycles it is hasn't fully even retraced its mean. May go down before up but at some point it is highly probable to hit that 1.87 area and hopefully in listed time frame. IF it does then yes I would expect a larger correction phase as you are thinking.
harchenko93
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@Degen-Dynasty, I expect decline of btc d to 49-48% in 2-3 months - this will give good push for many extremely oversold alts in btc pair like crv.
harchenko93
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@Degen-Dynasty, as I understand you expect 0.5 fib not earlier than at mid of September, correct?
harchenko93
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@Degen-Dynasty, On my chart, 1.87 in mid-September will be touching the median line of the inclined channel. But 1.87 is also the mirror resistance of the spring 2022 level. The charts of many altcoins have already broken through this resistance and started trading higher.
Degen-Dynasty
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@harchenko93, I agree which is why I am viewing CRV as "lagging". When rotating captial it will either go back to cash or the best oppertunities left on the board. With most having already broken their previous highs or mean retrace area assets that simply got hammered harder than normal haven't made it that far yet. If this was worthless I would count it as a death signal but being it is integral... Looks more like it got pushed way lower than it should and just recycling back to reality.