With governments nearly out of money, economies still shaky from pandemic which is still ongoing, the Evergrande debacle, the continued war on crypto China is waging, a government shutdown looming, rising inflation, and numerous other economic impactors weighing on markets, a chart like this becomes all the more possible-
While the market doesn't have a bullish posture whatsoever, the 3-day 50/200 Golden Cross is just about to occur which usually would be super bullish, remember the same 50/200 Death Cross in November that caused last year's fallout. The cross will definitely occur on the 30th candle but will market react? Consensus seems to be to $8500 before rebound, but history...
You can see on the chart, going back a couple years now as that is the 3-day, CTST is printing a 9 (multiple time frames) and is at the base level that it has held and reversed from every time thus far- if history is any indication, we should have another ride up- just an idea, DYOR
Possible H&S top formation here- we are below the 4-hour Bollinger Band median and BTC is showing some weakness after being rejected from 9400 region. The case for 10k or higher can still be made however quite easy and this could be nothing more than just a small breather before resuming uptrend, but the bearish posture must also be acknowledged in one's analysis.
Support is holding at trend line currently however if BTC takes a dip, ETC may execute the flag past trend support- just keep an eye on. Atlatis upgrade in like 5 weeks so shouldn't go down too much I believe.
Bearish engulfing candle, but holding support from down-channel formed yesterday that it broke from as well as holding above 4-hour Bollinger band median, 4-hour and daily EMA bands- That said, a small correction to 8700, 8500 isn't out of the question- next hours will tell- all the best and DYOR, ;-)
And Chainlink is available to trade at a couple US exchanges including Huobi_US so if anyone is worried about not being able to trade Binance in September and only wants assets they can liquefy in the US this is not in any danger.
Depending on how one draws their trend lines , we could be heading to either $10k in point A which uses the very tips of the wicks and forms an broadening megaphone pattern, or we are already at the top of the channel which uses more candles for contact points on trend line while having a few overshoots- if this is the structure we should head to point B around...
Here we are again with BTC extremely oversold - this is the 4-hour chart so it doesn't require a massive pullback, however with this clear double top I believe BTC will retrace for the night before either resuming tomorrow or continuing to rest (sideways to slightly down) . Pulled into cash until the dust settles.