Overall Crypto Market Overview
After recent wide moves, let's focus on a big picture. Where are we now, and what to expect?
The Story begins from 22/Nov low (orange line). This is an important level, and here is why:
1/ Panic bar 22/Nov
2/ 23/Nov is indecision day (echo after Panic)
3/ Supply resumed on 24/Nov
4/ This was an attempt of bears to develop decline, however, they failed. Price broked down below orange line, but quickly reversed and closed higher than orange line, and far from lows. This is SLKB and a fake breakdown. Panic sellers are trapped. What should be the expectation when you have Bears in Trap?
5/ Right! Demand bar after indecision day
6/ But price did not move futher in upward direction because of valid down-trend channel (wave-lines) in action.
7/ SLKT
8/ No Demand with 09/Dec SLKT around the line of resistance - this is a clue from the chart that resistance would hold and you should expect a decline
9/ It was an attempt of bears to struggle through the low of red bar 4/SLKB. But there were signs of hidden strength at the bottom of this bar. I wrote about them for my subs in the yesterdays overview about BTCUSD. I wrote about 2 bullish facts.
10/ Note, the pump found resistance just at the level of top-trend line.
11/ Also, the orange line continues to act as the support.
What is next?
I expect "Echo" after 3 busy days. The most rational scenario - is fluctuating of price between the top trend line and orange level.
After recent wide moves, let's focus on a big picture. Where are we now, and what to expect?
The Story begins from 22/Nov low (orange line). This is an important level, and here is why:
1/ Panic bar 22/Nov
2/ 23/Nov is indecision day (echo after Panic)
3/ Supply resumed on 24/Nov
4/ This was an attempt of bears to develop decline, however, they failed. Price broked down below orange line, but quickly reversed and closed higher than orange line, and far from lows. This is SLKB and a fake breakdown. Panic sellers are trapped. What should be the expectation when you have Bears in Trap?
5/ Right! Demand bar after indecision day
6/ But price did not move futher in upward direction because of valid down-trend channel (wave-lines) in action.
7/ SLKT
8/ No Demand with 09/Dec SLKT around the line of resistance - this is a clue from the chart that resistance would hold and you should expect a decline
9/ It was an attempt of bears to struggle through the low of red bar 4/SLKB. But there were signs of hidden strength at the bottom of this bar. I wrote about them for my subs in the yesterdays overview about BTCUSD. I wrote about 2 bullish facts.
10/ Note, the pump found resistance just at the level of top-trend line.
11/ Also, the orange line continues to act as the support.
What is next?
I expect "Echo" after 3 busy days. The most rational scenario - is fluctuating of price between the top trend line and orange level.
Check my taplink.cc/chartreadingpro
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.
Check my taplink.cc/chartreadingpro
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.