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🌙 Beware the Bearmoon: Bitcoin's Rising Wedge Signals $56-57k 📈 Bitcoin has recently exhibited a rising wedge pattern on the 4-hour chart, indicating a potential correction in the near term. This pattern is characterized by converging trendlines forming higher highs and higher lows, signaling a weakening momentum and a potential reversal. 🔍 💲 As of the time of writing, Bitcoin is trading at $68,200, and based on the formation of the rising wedge, a measured move suggests a correction towards the $56,000 to $57,000 range. This projection is derived by measuring the widest part of the wedge and extending it downwards from the breakout point. 📉 🌙 Furthermore, tomorrow marks a new moon, which historically has shown a correlation with downward price action in the cryptocurrency markets, colloquially referred to as "bearmoon." This phenomenon is often attributed to a combination of factors including options expirations and human psychology, leading to increased selling pressure and market volatility. 🐻 📊 Adding to the confluence of indicators, daily indicators also support the notion of a correction towards the projected range. Combining technical analysis with lunar cycle patterns and other indicators strengthens the case for a potential downward movement in Bitcoin's price. 📉 💼 Traders and investors should monitor price action closely, keeping in mind the identified levels and factors influencing market sentiment. Risk management strategies should be implemented to mitigate potential losses in the event of adverse price movements.🛡️
INDEX:BTCUSDShort
by Shibunacci
1
🔍 Chainlink's $17.72 Support: A Critical Analysis 📉In the crypto realm, Chainlink stands out, its price swaying like a pendulum. 📈💼 Eyeing its chart, we zoom in on the 12-hour time frame, where $17.72 emerges as a pivotal support level. 🛠️💰 Beyond mere numbers, this mark embodies market sentiment, shaped by news and psychology. 📰💭 So, let's approach with a blend of technical prowess and market wisdom, ready to seize opportunities amidst the turbulence. 📊🔍 Stay sharp, stay informed, and remember: in crypto, fortune favors the bold. 🚀💎
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by Shibunacci
DESCENDING TRIANGLE $PEPEUSDT -50% dropHello crypto fam! I hope everyone is having not only a wonderful but also profitable day trading. Make sure to smash that LIKE and FOLLOW! Is FWB:PEPE in a Descending Triangle? Yes i believe FWB:PEPE is in a large BEARISH DESCENDING TRIANGLE that has the potential to dump FWB:PEPE -50%. What is a descending triangle? In Descending Triangle Chart Patterns there is a string of lower highs. This pattern is formed with a trend line that is sloping and a flat or a horizontal support line at the bottom. The pattern emerges as a price bounces off the support level at least twice. How accurate is trading a descending triangle pattern? Glad you asked, a descending triangle is a powerful technical analysis pattern with a predictive accuracy of 87%. Conclusion Well as i have illustrated in the chart above and described in the description box i believe we are in a descending triangle. Everything in the market seems to make sense for FWB:PEPE to see a massive sell off along with CRYPTOCAP:ETH and $BTC. Expect to see MAJOR bounce around $0.0000003700's level which is where i will be LONGING $PEPE. As far as a timeframe on how long it may be until we see a break down is hard to predict. The FWB:PEPE breakdown will likely be ignited by CRYPTOCAP:ETH and CRYPTOCAP:BTC sell offs. A way to measure this would be once eth breaks $1,600 its likely that FWB:PEPE will follow suit and dump alongside CRYPTOCAP:BTC and other major altcoins. Thanks, LiquidMEX
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by SolStackz
Bitcoin on the edge of a cliff!Retail trader are still not giving up their long position, every one wants a big part of the cake. The market makers are holding their short position. Exchanges are waiting for the moment to dump all longs to liquidation. (watch Coinglass and check MDXalgo). Volume is increasing, most of miners are taking profits, you can check this in famous mining stocks. $DXY is showing a potential double top, but is still not showing any weakness. Anyways the indicators are showing us that we could prepare for another leg downwards. MACD is showing a potential overbought scenario and RSI is dumping. Good luck, don't get rekt always play with stop loss.
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by Applecoconut
Bitcoin boll.bands Need bottoming and tightening!!yeah this is going down more. Lets take a look at my level of tech, analysis. As you can see in the end of July. we squeezed the bb's(bonerbands) really tight, and pop! We went up. We then went up a nice runup from September, breaking ATH, reaching 69(Nice!) K. In September, you can see Bitcoin was also hugging the bottom of the bb's then, forming some support. We still need to hug our current bb's. We are currently like a slimjim inside of a magnum condom. We need to ride it down a bit to form some support, by then bb's will be nice and tight again.
COINBASE:BTCUSDShort
by UnknownUnicorn3237473
1