If the pattern breaks, this is a conformation of further economic weakness worldwide.
Technicals look terrible.
SPY looks really ugly. It looks like we are beginning a bear market that will probably last between one and two years. The market is about to lose atleast 30% off the highs in my oppinion, especially if the fed continues to raise interest rates.
If 3200 doesn't hold, the next target is 2000. Hopefilly we are oversold enough to get a rally off of the 200MA.
We are already oversold on the weekly chart. MACD and STOCHASTICS are indicating oversold conditions. Plus the selloff volume spike that can indicate a bottom is already in. The question is if we need to get oversold on the monthly. If we follow this channel, the next bull target for ETH is 50k.
I just looked at something very objective in the crypto market that I don't think many people look at. The coinbases order book in dollars: When I set the aggregation period to 5, meaning that I can see the orders every 5 dollars of change of the altcoins. In btc it is not so obvious, but in ETH and LTC it is very obvious. We have a lot of support in the five...
We are a looong way from being cool on the MACD on the monthly chart. We can easily do six more months of cooling in order for the trend indicators to come close to neutral. Then we need to consolidate on the bottom for some time. And then we can start looking for bullishness. People are acting like it is going to be a V shaped recovery. My best guess is that...
The market is in a bull trend on the 6M chart, however on the lower timeframe 3M we have an engolfing bearish candle. I think 230 support the next few months is very realistic.
Every one of those lines ive drawn are candidates for support/ bottom. As for now things look really grim for BTC. We are probably going to get a small bounce and retest the old support line as a resistance and continue down. Support at 4k, 3k, 2k, 1k. I will leave it to your emagination where the bottom might be.
On the weekly chart we are below the short term 21 ema and mid term 50MA. We also broke the last support line drawn on the beginning of the last bull market. The next visual support level is the 200MA. Our only hope is if in the next four days BTC rebounds back above the red support line, if not we can easily visit 3k.
The initial reaction was a rejection off of the 200MA and the 21 EMA. However the momentum of the market is still on the green side. Next week will be more definitive if we are truley going to get rejected off of this level or we will regain it. For now i am neutral.
The monthly chart is still holding the 21 EMA. This is the last stand of the bulls. If it doesnt hold, i bet my pinky that we are going to see 2 - 3 k btc.
The last time BTC was that stable was at the bottom of the last bear market. This looks to me like the bottom of this cycle. Now we are waiting for the big money to start coming in for the next bull market.
Is this an indication that the crypto market is about to start a bull run?
LTC is usually front running BTC lately when it comes to price action. We are seeing some basing action and we are currently breaking out of the triangle/ wedge however you want to call it. BTC is likely to follow the breakout soon. Next few days will show whats up.
If the 50s dont hold, next support levels are 15- 20 dollar levels, which wont be plesent for alot of people.