Kucoin Down Down Down Broadening formation
Two strange items of analysis...
First a Broadening formation (Triangle shaded area) has formed over the last few weeks.
Technically, it is likely to break below the support, as the previous trend was down.
Target 1 will be around $8.00...
On the peripheral side. The RSI is making higher lows, which is showing bullish momentum.
It looks like Alt Coins are waiting for some catalyst to decide where the next direction is... With the Ethereum merge going from PoW to PoS, it seems like this is like moving from the Barter system to the Financial banking system.
One big problem for this - Centralisation for the coin!
This is not a bullish signal to buy any crypto and sets a precedent for danger ahead.
Hence I'm going short...
First a Broadening formation (Triangle shaded area) has formed over the last few weeks.
Technically, it is likely to break below the support, as the previous trend was down.
Target 1 will be around $8.00...
On the peripheral side. The RSI is making higher lows, which is showing bullish momentum.
It looks like Alt Coins are waiting for some catalyst to decide where the next direction is... With the Ethereum merge going from PoW to PoS, it seems like this is like moving from the Barter system to the Financial banking system.
One big problem for this - Centralisation for the coin!
This is not a bullish signal to buy any crypto and sets a precedent for danger ahead.
Hence I'm going short...
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𝕏 (Formerly Twitter):
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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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