Similar pattern is emerging in lots of markets.
A run u into November, then some kind of crash (take your pick, FOMC, midterms, Ukraine), but if we keep the uptrend then we are looking at bullish case for USA when EU goes to hell next year.
The short term picture is cryptos broke above the down-trend channel started almost a year ago, there is still resistance above to be broken, but there is a possible triangular pattern leading to the final run up next year when all hell is break loose:
We now have ABCD points, we just need one final decline (possibly November) to finish the pattern, then rally into February or so, then go down into April to confirm trend change .
This may have to do with election cycle - knee-jerk low? Then some kind of optimism rally, (betting on the Fed reversing the interest rates) then disappointment (Fed will keep rising...
GOLD managed to bounce off the handle part at $1680, but it is struggling to break out.
Soon, the chart will resolve itself either up or down.
The big picture calls for a wave D either now (down to $1160) or later:
Silver failed to break out, with USD bouncing into June/20, it is likely everything will go down again, Silver $`8, Gold $1800 , cryptos another leg down ..
Whether June/20 is trend reversal or SILVER keeps on going down is yet to be seen.
Recent action in SIlver (and Gold) suggests a potentially negative development for both due to USD strength into the near future.
Unless Silver start going up and fast, alternative scenario may be at play, a topping wedge with 150:1 or more gold/silver ratio!
Recent action in silver - breaking $21..4x support line is a very bad sign.
While I am long term bullish on Silver, the price action/char suggest near future weakness, down to $14 seems possible!
If we do not break out ($27.5) of the potential symmetric triangle, things can get ugly for Silver bulls..
LUNA just crashed, even more than I expected (on same exchanges with thin volume).
Not sure if this is the bottom, but it is a screaming buy at this level with limited downside (well, there is always 0) :)
At least we should get a significant bounce from here for 1-2 weeks, even if we go lower into mid June.
It looks like a bottoming wedge is in place. We should run for a week or two, possibly break out of the wedge, then correct back into June/12 or so, then start the bull run possibly toward 270 (40x from the current price).