The head and shoulders was a reversal already, but bulls got greedy and insisted on testing the 108k peak again, creating a "fake-out breakout" but couldn't sustain it. So if H&S didn't convince us, the Double Top should have.
The bear trend started with steady decline and then a big fat dump followed by bulls insisting on recovering right away. Again, they couldn't sustain it and chaos ensued. People got scared, pulled out of the market.
Now we are in what is either a trend reversal with the bulls too eager to believe the last two dips were a Double Bottom, despite we still haven't fully corrected, which brings us to the Bull Pennant.
Bull Pennant would make more sense on a longer time frame, but it's happening within a Bear Flag. Once again, bulls may be too eager and lose if they HODL right now.
So we have:
- correction not over
- consolidation ending
- not enough support from bulls
Most analysts saying there will be a full correction before it starts on a bull run. I believe that time is most likely imminent.
The bear trend started with steady decline and then a big fat dump followed by bulls insisting on recovering right away. Again, they couldn't sustain it and chaos ensued. People got scared, pulled out of the market.
Now we are in what is either a trend reversal with the bulls too eager to believe the last two dips were a Double Bottom, despite we still haven't fully corrected, which brings us to the Bull Pennant.
Bull Pennant would make more sense on a longer time frame, but it's happening within a Bear Flag. Once again, bulls may be too eager and lose if they HODL right now.
So we have:
- correction not over
- consolidation ending
- not enough support from bulls
Most analysts saying there will be a full correction before it starts on a bull run. I believe that time is most likely imminent.
Trade active
Double top on bull's last ditch attempt to push the market up, hitting resistance line at the top and breaking through the bottom trend line. Every signal is here showing further decline, I would not be buying right now!
I will be sharing updates on Twitter at
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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.
I will be sharing updates on Twitter at
twitter.com/NCryptocoins
twitter.com/NCryptocoins
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.