On the weekly chart, a descending triangle formed and broke downwards in November of 2018. This corresponded with a 70% price drop from the top (peak) of the triangle to the base (bottom). It had a length of 56 bars. It can be deduced that a corresponding, potential 70% price drop will occur again from the base of the first triangle (see 1.a)
Major Support exists on the weekly (see 1.b), which also intersects with the potential 70% price drop at 81 bars.
As seen at (see 2.a), a potential bearish pennant or symmetrical triangle could also form.
Target: $1800 (see 3.a)
Major Support exists on the weekly (see 1.b), which also intersects with the potential 70% price drop at 81 bars.
As seen at (see 2.a), a potential bearish pennant or symmetrical triangle could also form.
Target: $1800 (see 3.a)
Note
Here is a closer look on the daily... As well as a closer look the the major support on the weekly (see 1.b)
Note
^ look at the*Note
Looking at the weekly, a strong bearish doji reversal pattern can be seen developing, along with a compelling bounce down from the 38.2% fib line.Note
FOMO ain't messing around...
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.