Good day Hiveians!
Join me in analyzing the crypto markets!
It has been some exciting days watching the market
As pointed out in past posts, I expected strong resistance at the current price range. I called it the "quadruple resistance" as there were three trend lines and a general resistance from previous market movements at this level.
Two of these resistances have been "broken". I have marked them in the chart in violet. We got a first rejection from the almost horizontal trend line, but it was broken some days later. The second resistance coming from the former peaks proved to be only a slight push back. Since then we have tested the apparently more challenging price range of 46k-49k. The trend line of the top open wedge seems to be the real hurdle. It is much stronger as it comes all the way back from early 2020.
So far it seems we might be repeating the fractal from the market top in spring. I have indicated a possible future movement that would mimic the ATH peak. We could possibly see two more attempts before breaking down lower - or, of course, we could breach this difficult price range and head for upper ground. I still think this is the more unlikely scenario and I base this judgement partly on my previous laid argument of time. There is simply still too much time left to be in an early market run up (based on the time between the halving and the market top which has always extended). Additionally, we have seen an almost exact same movement in the past in which we reached the 0.6 fib ratio and then corrected further downward.
My general outline still looks like this:
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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