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Bearish Patterns

Fetch.AI HTF Fetch.ai soon to be ASI (Artificial super intelligence) after the merger with Singularity (AGIX) and Ocean protocol (OCEAN) has been a victim of the recent altcoin market drawdown. As on of the leading projects in the AI space, FET surged to a high of $3.47, since then price has been retracing back down the range created by the rally previously. BEARISH: Now back at range low FET finds itself in a key area where the bearish trend can continue, break below range and continue to fall. This would be mostly influenced by a further sell off in BTC as alts are still at the mercy of Bitcoin. Should BTC continue to reject the '21 ATH and 4H 200EMA levels then price will naturally search for buyers with conviction. This chop has already been devastating to the altcoin market without a big flush. So this outcome is not improbable. BULLISH: On the bullish side we have a very good R;R HTF entry level at range lows, in addition to a fully reset RSI in the oversold area compounded with a very bullish divergence being shown on the High timeframes. All three of these conditions add up to a high probability entry IF BTC behaves. Naturally if BTC decides to sell off then so will altcoins and FET is no exception. However, in this probability game this setup is one of the better LONG setups you could ask for. Couple that with the AI narrative and good fundamentals this looks bullish.
by ProR35
2
BTC - Brearish trend breakout and potential for a recover."This is not financial advice. It is crucial to conduct your own research and due diligence before making any investment decisions." Bitcoin's current price action and the recent break into the $61,000 range are promising signs for a bullish trend. Breaking the 7 EMA (Exponential Moving Average) on the daily timeframe would indeed be a critical step in confirming this upward momentum. Here are some points to consider: 1. Good News and Market Sentiment: Positive news and sentiment around Bitcoin can significantly influence its price movement. Factors such as regulatory developments, institutional adoption, and macroeconomic trends can drive the market. 2. 7 EMA as a Key Indicator: The 7 EMA is often used by traders to identify short-term trends. If Bitcoin can break above this moving average, it could signal a stronger bullish trend and attract more buying interest. 3. Resistance at $65,000: The next significant resistance level around $65,000 would be a critical point to watch. If Bitcoin can surpass this level, it could pave the way for further gains and potentially set new highs. 4. Sustaining Above $61,800: Holding above the $61,800 level by the end of the day would be a strong indicator of sustained buying pressure and could lead to continued upward movement. While technical analysis provides valuable insights, it's important to stay updated on market news and events that could impact Bitcoin's price. Keep an eye on both technical indicators and fundamental factors to make informed decisions.
Long
by EnmiloX