ronzo777

ronzo777

Pretty simple chart on ICP. I had previously charted a clear head and shoulders, which was met to more or less the expected target. ICP has now formed the bearish symmetrical wedge identified in green on the chart. Statistically a bearish pattern, but no pattern is 100%. Breakdown of this pattern's price target would be around $3.5, a measured move of the height...

ronzo777

Some analysis on the Monero chart - Firstly the obvious (orange line) downsloping trendline going back to the May 2021 highs. This was broken in June 2023 with a retest in August '23 and another retest in Feb 2024 after the Binance delisting. This level became a double-bottom, forming a nice "W" bottom structure. The next significant level is XMR's current level...

ronzo777

Pretty simple chart. Green line is a significant trendline of support/resistance. In March 2020 when this trendline broke, ONE dropped around 70%. Will it hold here? Time will tell!

ronzo777

Another quick observation - BTC has wicked to the 50 Weekly Moving Average twice now. Historically, failure of this MA results in a retest and decline of between 55%-70%.

ronzo777

Now see the secondary ATH's from 2021. In Oct. BTC tested this level as resistance/support. In November it retested it, it held with a bounce for 1 week, and failed to hold it on the 3rd and 4th of December 2021. And look what happened - a massive 22% drop in one day (although the daily close excluding the wick was closer to 8%). This moment was really the...

ronzo777

I'll have to make this post in 2 parts as I don't think I can share two images in one post. Quick one, but an interesting idea - take a look at the green like on my chart which is sitting at more or less exactly $54k. BTC has tested it once in July, wicked well below it on the daily on August 5th, but held it and did the same yesterday - wick below but held. Now...

ronzo777

Fairly self-explanatory chart - the red line at current price is a very significant support and resistance level for MATIC. If this breaks it could be major downside. A measured move would be 0.075. This is a flat-bottomed wedge, which statistically is more often bearish, so "bear" that in mind, pardon the very intentional pun!!

ronzo777

Quick look at "BITCOIN" i.e. HarryPotterObamaSonic10Inu Fairly clear rising wedge pattern at play with one false breakdown. I would expect a retest of the lower trendline, after which watch for a close below that. A retrace to the upper trendline is always possible, however statistically this is a bearish pattern. On a breakdown, the first level is the pattern...

ronzo777

Self-explanatory really - ETH Dominance, bear pennant. Statistically should break down.

ronzo777

Quick update on ETH: ETH has formed a potential bear-flag, as indicated. Currently playing around midline of the rising channel, breakdown first target is the lower (red) trendline of channel, and a breakdown of the channel should result in a retrace to local lows from earlier today (indicated by green line on chart) or a measured move would be the blue line below...

ronzo777

Bearish Head and Shoulders on Pepe. Breakdown of the trendline in white would be bearish, with a potential target of previous lows around 0.00000390. This would correspond almost exactly to the heigh of the "head" to the "neckline". That would be a ~60% decline.

ronzo777

MANA looks incredibly bearish. It is trying to hold a support/resistance that goes back to 2018, and for me, it looks like it will lose it. Short opportunity, this could go pretty low.

ronzo777

I'll explain exactly what is going on in this chart as it may not be clear: The red line is the Weekly Moving Average, length 20. This acts as a fairly important marker for bearish or bullish momentum - times when Bitcoin is consistently below it indicate bear markets or at least shorter-term bearish periods, and likewise when Bitcoin holds above it, with...

ronzo777

Altoins (Total crypto market excluding BTC and ETH) valued against Bitcoin are at a pivotal point. They are retesting a previous extremely important point of resistance/support. Going back to last cycle, it was at this point in 2019 that the altcoin market broke down. It was at this point in 2020 that the bull-market was invalidated. And when this zone was finally...

ronzo777 Updated 

Very bearish reversal pattern appearing on ICP. If the range identified on the chart by the wide lines breaks, ICP could enter free-fall. How low it could go is anyone's guess at that point. Potential short opportunity.

ronzo777

Chart is pretty obvious - RBN had formed a falling channel with a bullish bias, however it has broken down from that in the past few days and looks very bearish for the short term.

ronzo777

ADA is retesting important resistance/support at around $0.4. For me personally it doesn't look strong, and my bias would be that it is more likely to break down from here. However it may hold this level as support, which it needs to in order to remain bullish. If I was holding bullish, I would be using this level as a sell signal, if it breaks down.

ronzo777

Quick update on NOT - not had a breakdown from a smaller wedge pattern on the 7th June, on BTC's corrective move. This wedge is shown in red on the chart. Since then on the 4h chart NOT has formed a larger bullish wedge structure. It has also held the 100 MA, and at present appears to have broken the wedge to the upside. NOT looks bullish at present in spite of...