After a chaotic week and the second crypto meltdown for 2022 (thanks to the insolvency of FTX this time), it's nice to see a potential bit of relief forming for ETH.
A symmetrical flag is forming close to the bottom end of the recent liquidation. We could see a little bit or relief. A return to pre-meltdown prices doesnt seem likely, however returning to the october average of $1300-$1400 will likely inject some positivity back into the space. What is painful is if the FTX crash didn't occur, we may have seen a strong bullish return to crypto as DXY finished it's triple top and crashed back down to 105.
Hoping to see some long green candles soon.
A symmetrical flag is forming close to the bottom end of the recent liquidation. We could see a little bit or relief. A return to pre-meltdown prices doesnt seem likely, however returning to the october average of $1300-$1400 will likely inject some positivity back into the space. What is painful is if the FTX crash didn't occur, we may have seen a strong bullish return to crypto as DXY finished it's triple top and crashed back down to 105.
Hoping to see some long green candles soon.
Comment:
the symmetrical triangle did not hold - the FUD is real