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Hello traders:
Most of the major markets suffer a bearish drop on Friday, and crypto market is no exception here.
Lets take a look at the overall development right now from a price action point of view.
We can see price has managed to push above the ATH temporarily, but failed to continue higher with any bullish price action.
Instead, what we have here is bearish reversal price action in the making.
A Potential double tops, price formed a Head and Shoulder at the top of the overall price action,
signaling a possible bearish reversal.
What we can expect is price to continue its bearish momentum from the top,
if we get another bearish consolidation to form and complete.
This can likely lead to another impulse phase to continue the down move to the previous lows.
This is likely to affect some or most of the other crypto currency out there,
so be on the look out for more bearish price action to come.
Thank you