MKR/USDT(1D, 1W) Maker is Breaking long term downtrend line!
Hello Traders and "longterm" investors in crypto :D:D,
This chart indicates potential bottom of MakerDAO project. Breaking the longterm downtrend line and possible finished wave C could be nice and clear signal for market to rebound.
After breaking the line we could wait for confirmation of line as a support.
Also price action of Bitcoin is interesting which is forming similar "ending diagonal" like pattern.
Could this be alredy bottom ? Chances are something like 60/40, and crypto market is highly dependant on Stock market (especially state of risky growth stocks). But after the moment when investors start to buy this growth stocks. RIght after they will deploy some money into crpyto where correction was above -90%. :)
Consider your risk and do your own research for each specificic Cryptocurrency. This is pure speculation. Bear market can last entire year 2023 if central banks decide to do so (via interest rates and QT).
Take care and trade safe.
This chart indicates potential bottom of MakerDAO project. Breaking the longterm downtrend line and possible finished wave C could be nice and clear signal for market to rebound.
After breaking the line we could wait for confirmation of line as a support.
Also price action of Bitcoin is interesting which is forming similar "ending diagonal" like pattern.
Could this be alredy bottom ? Chances are something like 60/40, and crypto market is highly dependant on Stock market (especially state of risky growth stocks). But after the moment when investors start to buy this growth stocks. RIght after they will deploy some money into crpyto where correction was above -90%. :)
Consider your risk and do your own research for each specificic Cryptocurrency. This is pure speculation. Bear market can last entire year 2023 if central banks decide to do so (via interest rates and QT).
Take care and trade safe.
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.