Now, I really did not want to share this because of the shitstorm it will generate but we can't deny that this double-top is PRETTY obvious as we speak. Of course, hard to predict ahead of things but it is what it is. It's not confirmed yet but the sell-off we saw last days could be a really tough nut to crack for bulls.
IF it's going to play out the targt should be around 44k. But there is still a chance it might get invalidated. For that we would like to see a weekly close above 60k (the higher the better obviously. From there it's still 50/50 and if we don't see strength continue towards 64-66k coming weeks we might see the lows (55-56k) getting tested again, which clearly indicates weakness and probably will trigger another sell-off below 50k.
I was watching this pattern for weeks now and didn't dare to publish as we were still trading above 64k but now that this level is gone bears are in favor at the moment. Now we must assume the bull market is already over, albeit there is still a small chance to ward off the danger.
Stay safe!
IF it's going to play out the targt should be around 44k. But there is still a chance it might get invalidated. For that we would like to see a weekly close above 60k (the higher the better obviously. From there it's still 50/50 and if we don't see strength continue towards 64-66k coming weeks we might see the lows (55-56k) getting tested again, which clearly indicates weakness and probably will trigger another sell-off below 50k.
I was watching this pattern for weeks now and didn't dare to publish as we were still trading above 64k but now that this level is gone bears are in favor at the moment. Now we must assume the bull market is already over, albeit there is still a small chance to ward off the danger.
Stay safe!
註釋
What we really don't want to see is trading below 60k for the entire next week, something like I have shown in the chart. Alts could see a relief bounce though and printing lower highs across the market.註釋
Exactly what you don't want to see... got rejected pretty bad few hours ago, looked good at first with alts being strong, but now there seems to be zero buyers whatsoever. Not liking this. If we continue hanging below 60k for another 1-3 days we must expect another sell-off.註釋
Seems like things have turned a bit. Touched 64k which is the first step. Think we will see a correction to 57-58k coming days for a higher low.
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