I have been looking out for a bull trap and must admit that I was wrong a few times. Personally I still think that the market was manipulated to go this far (just my opinion). But to me this is a textbook example of how a bull trap would look like. The next two days will provide a lot of information, but I am putting my bear hat on here. Not sure if we are going all the way down to below 5k, but this could be the beginning of a big fall. All I am saying is, be cautious...
Bình luận:
My thoughts of a good correction is one that would end in buyers and sellers being in an approximate equilibrium. Enough confidence needs to be lost to leave enough doubt that would result in a steady ascent to build confidence. A steady ascent, even going sideways for a while before winning over the bulls for a good run to all time highs is what a final correction would conclude. The sharp increase on 6 Feb means that the market is totally controlled by greed. The price was almost doubled in less than two weeks. That is insane. I may be wrong still, but for me this could not have been the end of the correction. And if it was, I would be weary for growth to new ATH prices. On the other hand the crypto market does leave us with surprises :-)
Bình luận:
Broke the short term upward channel support as well as important support at 10.8k. I am guessing we should go to around 10k short term to test new support.
Bình luận:
I forget to mention the huge support of the 200 exponential moving average at around 10.3k. So two big supports at 10.3k and (9.8k to 10k).
Bình luận:
Just broke the 200 EMA on 1h and 4h charts, need to close below this. If there is a close below, much more sell offs will occur. At least to 9800.
Bình luận:
Interesting: Should the day close below 10k, we would be sitting with a massive bearish engulfing candle, devouring 5 bull candles. I then expect at least a couple of days of bearish candles.
Bình luận:
Here the massive bearish engulfing candle. The bears are out of hibernation!
Bình luận:
Looks like a bear flag formation to me. My feeling is that we should be breaking out and likely continue lower to at least 9.3k shortly. If this level breaks, next stop 9000.