Volume continues to be light relative to 2021 as BTC set ATH's in the spring & fall, risk of BULL TRAP is not off the table. Bitcoin has recovered the 50 SMA on the daily and is pushing through the 20 SMA on the 3-day chart. Looking for a strong close on the daily as $BTC found support on the 3D SMA. Near-term, with some volume, expect to see a test of...
Currently down nearly 20% from November 2021 ATH, $RTY1! has lost key support levels and is now below the entirety of ranges from 2021. This futures index is signaling an increased potential for a broader market correction.
Late December 2021, $BTC had a small relief rally meeting resistance at $51k. Plateauing on the 23rd above the 20 SMA and below the 50 SMA, Bitcoin lost support by 12/28 and realized >30% retracement by 3rd week of January. The most recent rally on 2/4 is setting up in a way that looks to mirror the plateau forming a similar rectangle/flag pattern. Sentiment...
$ETH following broader crypto market pullbacks since ATH. Turning $3,080 into support is first step in reversing bearish momentum, otherwise $2.4k support will be tested again w/ further downside defined previously.
Bitcoin likely testing $30k support area of volume remains low and bears stay in charge. Bouncing off and reversing (pink arrow) has lower likelihood than continuation to $24k... followed by support @ $18k. Macroenvironment still presents risk-off in face of rising bond yields, tightening supply via asset reduction shortly after beginning rate hikes. $18k is...
Bitcoin structure continues to reflect bearish momentum. 100 EMA has fallen below 200 EMA "death cross" with BTC seeing rejection at the 200 EMA on the 3 day chart. This week, the FOMC communicated rate hike in March along with beginning of asset reduction on federal bank balance sheets... QE unsustainable given risk of permanent inflation not previously...
VIX (implied volatility) has reversed with market indicating increased volatility expected. This may be viewed as a canary in the coal mine, with increasing likelihood of a more substantive market correction. The measurement further supports risk of correction as economic environment cannot sustain extreme QE in face of rising inflation and the risk of...
$ETH retraced 60% from May 2021 ATH... reflecting this, $1.9k is on the table with wicks to $1.5k within reason. Major concern for much deeper retracement is ETH 2.0 unlocking with race to take profits from those that staked when Ethereum was much lower.
Setting long-term channels provides clear distinction between major market shifts. Likely correction %'s from ATH's: - 25% minimum expected decline - 40% is the most likely correction - 55% major correction - Total market reset would be 90% The blue channel reflects the top-end growth breaking out in 2018, followed by another breakout above the dark pink channel...
$BTC has closed daily below long-term mid-channel and has reached critical zone to either negate the Troy Polamalu of Head & Shoulders on the weekly or confirm bearish continuation. Double top with loss of support became bell weather with selling pressure likely to continue. 100 EMA continues to inch closer to the "death cross" with 200 EMA. A bounce to...
$BTC closed Jan 6th Daily with a bearish engulfing candle, providing indication that selling momentum remains strong. Unable to sustain long-term mid-channel as support, increasing likelihood of 100 EMA falling below the 200 EMA for an impending "death cross" in near future. Bearish structures continue, double tops, head & shoulders losing neckline support,...
Total crypto market chart shows textbook head and shoulders on weekly chart... aligned with bearish structure on #BTC. Crypto appears to be the leading indicator for an impending overall market correction. Similar to commodity Iron Ore spiking then correcting, another canary in the coal mine signal apparently formed.
$GRT classic double top pattern Break below neckline followed by reversal and repeat of pattern 12 HR chart with MA Cross indicating reversal for next leg up, repeating pattern Expected peak in late Jan/Early Feb followed by retracement then pattern repeats
$BTC broke down and lost center channel support, unable to get above $43k. Several bearish patterns at play including double top, head & shoulders, and Lindsay's 3 Peaks & Domed House. Expectation given current trend is to see sideways movement that eventually loses $39k support. Reclaiming the channel center and flipping it into support is unlikely in the...
Following the -30% drop in early December, $BTC ranged from $53k to $46k. Sideways chop potential break by January 5th, with the early Dec drop reflecting potential high of $66.5k and low of $33.5k. Macroeconomics point towards total market correction in early 2022... - Leads to bearish scenario of $33.5k in near-term more likely HOWEVER - The crypto market...
$ATOM bounced off of center channel with continuation to $51 likely.
$ENJ is a great project with a bright future in the #NFT & #Metaverse space. Short-term price movement likely to see bearish movement to $2.30 with chance of continuation to the bottom of the channel... likely candlewick to around $1.75 before reversing trend.
$GRT has confirmed bottom of channel with clear support and resistance levels. Project adoption continues with significant support voiced by Vitalik re: utility for #Ethereum ecosystem. #GRT unlikely to see current price again as the crypto market matures.