After thorough analysis, it is apparent that the price of ETH has developed a Head and Shoulders pattern. In the event of a breach below the neckline, a substantial downward movement is anticipated. It is therefore advisable to closely monitor the neckline for any such movement.
Furthermore, based on the strong correlation between BTC and ETH, it is expected that the latter will follow a similar trajectory as the former. Given the likelihood of BTC decreasing from its present levels, ETH is expected to move downwards as well. Thus, it is reasonable to anticipate that ETH will break below the neckline and experience further downward movement.
With regards to BTC:
it is evident that the price got rejected from the bear market downtrend resistance! There is a possibility that the recent bear market rally has come to an end. The rejection from the downtrend resistance is indicating a potential move to the previous bottom of $15.5k. This notion is consistent with the concept of the price following a pattern reminiscent of the 2021 summer period!
Furthermore It appears that the current market period is unfolding similarly to the one observed in 2021. If this trend continues, it is likely that the market will experience a downward movement, potentially leading to a decline in value to 13.5k.
While it's true that history doesn't necessarily have to repeat itself, it is often observed that historical patterns tend to rhyme with the present.
In conclusion, it is anticipated that the price will continue to exhibit a downward trend, with a likelihood of revisiting the 15k level in the future.
Furthermore, based on the strong correlation between BTC and ETH, it is expected that the latter will follow a similar trajectory as the former. Given the likelihood of BTC decreasing from its present levels, ETH is expected to move downwards as well. Thus, it is reasonable to anticipate that ETH will break below the neckline and experience further downward movement.
With regards to BTC:
it is evident that the price got rejected from the bear market downtrend resistance! There is a possibility that the recent bear market rally has come to an end. The rejection from the downtrend resistance is indicating a potential move to the previous bottom of $15.5k. This notion is consistent with the concept of the price following a pattern reminiscent of the 2021 summer period!
Furthermore It appears that the current market period is unfolding similarly to the one observed in 2021. If this trend continues, it is likely that the market will experience a downward movement, potentially leading to a decline in value to 13.5k.
While it's true that history doesn't necessarily have to repeat itself, it is often observed that historical patterns tend to rhyme with the present.
In conclusion, it is anticipated that the price will continue to exhibit a downward trend, with a likelihood of revisiting the 15k level in the future.
Note
Wallets belonging to Mt Gox and US government are making transactions. Bitcoin dumping!
Note
The bear market probability index is at a All time high! In my opinion, the ongoing rally could be considered as the biggest bull trap ever witnessed in the history of Bitcoin. I am currently observing from a passive position and anticipating a decrease in prices. Undoubtedly, relying on a solitary model is insufficient for drawing definitive conclusions. In fact, in this case numerous indicators suggest a downward trend in prices!
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Disclaimer
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