Here's one scenario for Bitcoin for the next months.
For the past 14 months, ever since Bitcoin established the high in May 2021, I believe it has traded inside multiple downtrending channels.
These channels act as decisive levels of support and resistance for the price action.
We see price bouncing either up or down multiple times from these...
As counterintuitive as it sounds, the repeated tests of support we recently gave seen near 18k are a sign of weakness from Bitcoin. The more it revisits the area, the more probable the breakdown is.
At the same time the price is trading inside a massive falling wedge pattern, which will complete in Q1 2023. The end of the pattern is at confluence with the 2019...
In 1991 in the book “The Nature Of Risk”, Justin Mamis describes The Sentiment Cycle . According to Mamis this illustrated charts represents The Bottom Of The Bear Market "a graphical representation of the manic depressive moods typically experienced by market participants as a function of time and price in one complete sentiment loop.”
In simpler words what...
XRP has moved nicely up, but the rally is over imo. Last time it went above the 12 & 21 W EMA, it deviated and closed back inside continuing the general downtrend. Will this time be different ? Don't think so. Targets 0.18-0.23 in Q4.
Hi everyone. I've spotted a Wyckoff Distribution Pattern with the DXY. It looks similar to the one we just saw with Bitcoin happening in the last weeks. Therefore, if the drop begins and I'm right about it, we are about to see Bitcoin and risk assets move up.
We have seen over the past few weeks Bitcoin doing higher highs snd lows with price, but now it struggles to get past the resistance at $24,6k.
It has been trading here already for quite some time.
There is also a rising wedge pattern, which is ending soon.
What do you think we are going to see ? 28K or 20k first ?