Taking a look at 2 charts on this one. The left being right now, and the right being end of May into June when crypto took a significant nosedive.📉
We can see that the two charts are eerily similar. We've experience a double top at the 16800-17100 resistance.
The last time we had a double top at a significant resistance level, we had a drastic drop to the downside.
Now, does today's price action guarantee we'll see another leg down? No.
However, given the current macro situation, Bitcoin's weakness as equities pumped last week, and the lack of trust & credibility for the industry after the FTX collapse...it sure seems likely.🥶
Like we've stated in previous posts, we're leaning towards another leg down and a push towards $10K.
If we get there, we'll look to scoop up BTC, ETH, and other strong alts for longer term HODLing.
We shall see.
-TucciNomics
Chief Overlord, AlgoBuddy
We can see that the two charts are eerily similar. We've experience a double top at the 16800-17100 resistance.
The last time we had a double top at a significant resistance level, we had a drastic drop to the downside.
Now, does today's price action guarantee we'll see another leg down? No.
However, given the current macro situation, Bitcoin's weakness as equities pumped last week, and the lack of trust & credibility for the industry after the FTX collapse...it sure seems likely.🥶
Like we've stated in previous posts, we're leaning towards another leg down and a push towards $10K.
If we get there, we'll look to scoop up BTC, ETH, and other strong alts for longer term HODLing.
We shall see.
-TucciNomics
Chief Overlord, AlgoBuddy
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