✴️ FetchAI Completes Its 2nd Major Wave (Long Correction Now)

FetchAI has been doing great since late November 2022, it produced two major bullish waves while many Altcoins are yet to produce a strong one, some are still trading low near support.

This is a signal that we looked on the Bitcoin trade idea, EMA50.

➖FETUSDT can be seen touching EMA50 from above after major growth.

If we look at early December 2022, once FETUSDT moved above EMA50, it grew consistently never coming close to this level. When EMA50 was tested as support in March 2023, this confirmed a correction plus consolidation phase lasting 8 months.

The same dynamic is true again. In October, FETUSDT moved above EMA50 and never looked back, it grew safely above this level but, on the 3-January 2024, just two days ago, EMA50 was tested as support. Even though FetchAI bounced this test signals the start of a new correction phase, a long one.

This analysis is valid for Bitcoin as well as many of the major Altcoins and/or all those that already produced massive growth.

➖Prepare for the correction... Some will go down while others go up.
At this stage in the game each pair needs to be considered individually, we cannot generalize anymore.

Thank you for reading.
Thanks a lot for your continued support.

Namaste.

Comment:

Lower high confirmed 11-January...

With each passing day, the bearish potential becomes stronger.

We are now live on this pair with a short. It will be interesting to see the upcoming results.