I've been watching this price action thinking 'why does this seem familiar?'
I remember, I've seen a similar situation before! March/April 2018, a pump, dump and true bottom for almost +100% gains.
Similarities include:
NOTE: This is just a scenario, not a prediction. If the market follows this scenario then I will be trading to the short side.
I remember, I've seen a similar situation before! March/April 2018, a pump, dump and true bottom for almost +100% gains.
Similarities include:
- Strong downtrend
- Falling wedge (blue)
- Bull Divergence
- Bullish break, sharp counter-trend rally
- Reaches almost to Daily 50 SMA
- Hidden bear div
- Sharp Drop
- Expanding wedge target to the downside (2700-2800)
NOTE: This is just a scenario, not a prediction. If the market follows this scenario then I will be trading to the short side.
Note
More similarities found, this time with the downtrend that started in after the 10k top in MayNote
Let;'s see how the price interacts with that blue moving average above, If we can recapture it, this is a possibility
Note
Note
Inverse Head & Shoulders up to 4,200, then breakout to 5k is a possibility, however this fractal is also in play to create a larger, falling wedge high 2ksNote
Or is it a mirror image? Thanks to DennisLeeBTC for pointing this one out. Left side fractal repeated, and inverted on right
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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.
Related publications
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.