I think we are likely to see a massive move down in DeFi names, the contract issued by FTX is a nice way of riding the eventual move down, which can be magnified if we get some large protocol issue, or some unexpected black swan event causing a cascading decline of epic size as a gigantic levered bubble bursts. It is likely the best short in crypto, to profit from...
It's that time of the year everyone. First targets are half off. This was a low risk trade at the .618 retrace. If stopped out, will look for shorts at .786 / .887 of the move.
Technical Analysis : As the market giveth, it will also taketh
Fundamentals Analysis : #elon2021
Defi has been for a long time in this box…and now we are at the bottom of it…I believe in upcoming months we will break this down and go even lower but honestly i believe in an uptrend for a short period of time.
I would not short fundamental Defi projects here at least for now!
Always a student…Lets see!
💎In one of our last Defi analyses we have shown the formation of the double bottom. After the price bounced off the 8500 resistance area for the second time, we can witness a potential formation of a triple bottom.
💎The critical support lies at 5590, which is confirmed by the 88.6% Fibonacci retracement level. As of yet, Defi respected the support while trading...
💎The initial Defi Index forecast came true and the price moved up towards the 8167 resistance. Moreover, Defi broke higher and on the pullback tested 8167 level, where resistance became the support.
💎Such price action leads us to the conclusion that the .......
💎The Defi Index could have completed a Head and Shoulders reversal pattern while forming a double bottom at 5542 level. This support aligns with the 261.8% Fibonacci retracement, applied to the last pullback before the final drop.
💎Today, Defi Index is testing the support for the second time, and for now.............
This chart represents a basket of top DeFi projects. DeFi tokens are down bad from their bull run highs, but seem to be bouncing off an area of previous accumulation / support.
Will we get a bearish retest of the 200SMA? This would amount to a ~30% pump for DeFi.
Bitcoin or ETH could easily steal the show, but perhaps worth keeping an eye on!