We are at risk of repeating May's drop in Tezos.
Leading up to May there was bearish divergence. Thankfully that drop didn't hit it's predicted move!
I'm hoping this scenario doesn't play out but I think everyone should be aware that it's a possibility.
I've been watching this cup and handle pattern for a long time now. It is finally breaking up. Could this be it? The measured move would take XLM to $1.15. That would take it into price discovery territory.
What are your thoughts? Is there something I've missed? Did I draw it incorrectly?
It looks to me like BNB is going to be reaching nearly $1,000 in the coming weeks/months based on this multi-month Triangle pattern.
I could be wrong though. I only see Price action and volume as evidence at the moment.
RSI is already reaching overbought levels but that doesn't mean it can't still happen.
On the short term, Tezos price action and RSI are both looking like a bullish falling wedge pattern. Where it will reach depends on when it breaks up (assuming it breaks up). I've marked several expected moves for a few potential break points.
Based on the pattern, I would say this will break up within a week and a half - I would bet probably less than a week,...
I noticed this short-term correction that will lead to around $6.75.
On the daily there is bearish divergence which confirms this idea. I will post that as well and link it here when I can.
Of course, this isn't financial advice, yadda yadda yadda.
