Hello fellas, welcome back with me on today's technical analysis on the cryptocurrency world. Today is monday and however the market looks a little bit disgusting overall.
We can see that the weekly candle has already closed and the candle is looking nasty. the weekly has already confirmed the previous broken support tested as a strong resistance and it simply gets rejected. A simple deduction to enter short position here and we will see a bearish push to the golden pocket zone around $6000 region where a lot of confluences of previous support are located at that area.
And the second thing is the elliot wave structure which I label it as a WXYZ correction failure which is still in play. While the correction pattern has formed, usually it will take a long time for the bulls to recover after the drop (or long consolidation stage). We must however be very patient at current condition.
SHORT!
We can see that the weekly candle has already closed and the candle is looking nasty. the weekly has already confirmed the previous broken support tested as a strong resistance and it simply gets rejected. A simple deduction to enter short position here and we will see a bearish push to the golden pocket zone around $6000 region where a lot of confluences of previous support are located at that area.
And the second thing is the elliot wave structure which I label it as a WXYZ correction failure which is still in play. While the correction pattern has formed, usually it will take a long time for the bulls to recover after the drop (or long consolidation stage). We must however be very patient at current condition.
SHORT!
