The market has built itself a short-term 2% trading range at what is currently being retested as the bottom for this market cycle. I don't think we've seen our capitulation candle (thinking of weekly capitulation candle just yet, and it will likely be very dramatic of a candle.
On the daily chart we find ourselves in a downward-angled channel that appears to be somewhat of a bear flag on the weekly chart. In the 4-hour chart above, we can the origin of the top and bottom lines of the support range that makes up the market bottom for the moment. We can also see that alongside the bigger downward channel, we are inside a descending wedge formation as well.
All this to say I see many bearish signals in this market. There still appears to be many retail hodlers from around the ATH that haven't sold at a loss just yet; we haven't felt extreme enough panic in the market is short-enough of a time-frame to convince me we have seen bottom. However, as many of us know, low market cap markets like to change their sentiments quite quickly. So I don't like to get too specific with my predictions, especially when predicting the bottom of a market cycle.
I'm personally prepared for a panic capitulation week with limit orders set to low prices and fiat waiting to be used to buy crypto in a moment's notice.
On the daily chart we find ourselves in a downward-angled channel that appears to be somewhat of a bear flag on the weekly chart. In the 4-hour chart above, we can the origin of the top and bottom lines of the support range that makes up the market bottom for the moment. We can also see that alongside the bigger downward channel, we are inside a descending wedge formation as well.
All this to say I see many bearish signals in this market. There still appears to be many retail hodlers from around the ATH that haven't sold at a loss just yet; we haven't felt extreme enough panic in the market is short-enough of a time-frame to convince me we have seen bottom. However, as many of us know, low market cap markets like to change their sentiments quite quickly. So I don't like to get too specific with my predictions, especially when predicting the bottom of a market cycle.
I'm personally prepared for a panic capitulation week with limit orders set to low prices and fiat waiting to be used to buy crypto in a moment's notice.
Comment:
so many spelling errors :s
Comment:
Market definitely seems to be preparing for a capitulation day/week this coming week (or the next week after). The moment we've been waiting for!
Comment:
Market is finding support at critical levels. Might be preparing for significant rally before a capitulation candle occurs.
Comment:
Market may move up to 4k before finally moving back down for a double bottom around 3k or dropping off a cliff and momentarily getting as low as 800 USD