I expect the Crypto market to continue to the downside.
Technically speaking, I expect the crypto market to make further downside for the short/ medium term, I'll hold and wait for lows closer to the 200 week moving average..
Quarterly and Monthly are high relative to the average true range as defined by my Keltner channels. (Indication, not a signal)
Weekly we have slowing momentum to the upside, as you can tell the price bars to the upside are printing smaller and our new highs aren't as dramatic as our initial run up to this level.
The markets previous big up moves were followed by lower highs and lower lows in the months ranges following the up moves in 17' and 19' and 20' so this time was different in the sense that we made a new high after a huge bull run, but history rhymes and doesn't repeat exactly right?
For now I'm watching that trend line on the Daily in regards to the breakout, most breakouts fail. This is an upward breakout in a down trend on the Daily and technically speaking the trend is still considered to be down until we see some higher highs and higher lows, so I expect to at least see a higher low (short term downside) before anything. but I do expect the whole market to revert to the mean through 2022 until we get back to the area of the 200 week moving average.
Fundamentally I love crypto. If your holding I'd keep holding, if your trading I'd exit longs, but just like stocks I'm long only, I wouldn't short it. I'm an investor in the space, So I'll be holding until I see more favorable dips on the longer term charts.
I posted this trade as short only because I expect further downside and I'm not neutral, but as I said, I wouldn't short it, I'd wait for long trades or opportunities to add to investments.
Thanks for reading, if you like my work please follow and share.
Quarterly and Monthly are high relative to the average true range as defined by my Keltner channels. (Indication, not a signal)
Weekly we have slowing momentum to the upside, as you can tell the price bars to the upside are printing smaller and our new highs aren't as dramatic as our initial run up to this level.
The markets previous big up moves were followed by lower highs and lower lows in the months ranges following the up moves in 17' and 19' and 20' so this time was different in the sense that we made a new high after a huge bull run, but history rhymes and doesn't repeat exactly right?
For now I'm watching that trend line on the Daily in regards to the breakout, most breakouts fail. This is an upward breakout in a down trend on the Daily and technically speaking the trend is still considered to be down until we see some higher highs and higher lows, so I expect to at least see a higher low (short term downside) before anything. but I do expect the whole market to revert to the mean through 2022 until we get back to the area of the 200 week moving average.
Fundamentally I love crypto. If your holding I'd keep holding, if your trading I'd exit longs, but just like stocks I'm long only, I wouldn't short it. I'm an investor in the space, So I'll be holding until I see more favorable dips on the longer term charts.
I posted this trade as short only because I expect further downside and I'm not neutral, but as I said, I wouldn't short it, I'd wait for long trades or opportunities to add to investments.
Thanks for reading, if you like my work please follow and share.