Another cyclic structure is playing out on the VET/ETH charts.
Based on previous move lengths, I am expecting a VET/ETH peak at some point in the green box after hitting the yellow box.
RSI also suggests that we have hit a bottom.
The S&P has been rejected from the non-inflated ATH from just before the pullback in 2020.
Is this the initial sign of a bear market or will we push through it relatively soon?
M2SL growth was approximately linear before the COVID dump last year. Money printing has increased since and thus it makes sense to divide the market by this increase in money production to view approximately how the market would be performing pre-COVID.
We can see that by doing so, the S&P 500 is about to retest the ATH from before the COVID dump. A rejection...
This very large support/resistance line has proven to be a key area to watch since taking shape over the past few weeks. A pattern that was formed at the start of May may be repeating itself on BTC now.
In the first instance, the price tested the apex of the large support/resistance line and the ascending support line. The same pattern has just started to emerge...
BTC maybe going through a Wyckoff accumulation. Most of the market is currently following the overall trend of BTC so this distribution may be in play across the entire crypto market.
The yellow path is my predicted path of the market in the near future.
Please leave your thoughts below.
SOURCES:
Unable to provide original source due to account limitations....
