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I have been watching BC movement
very closely more than ever this bear
cycle. Even more so as we are more
likely to enter a recession cycle within
the next 12 months. Not to mention the
disastrous world economic situation
resulting in the spiking inflation rates,
the devaluation of USD and the worst
of all: Oil crisis.
July 13
After BIC started its rally to "summer
moon." a sudden reversal in trend
formed a wedge on the Jul 20 by a
reversal in trend caused by Elon Musk's
BC announcement (short). BC started to show premature signs of what seemed to be a regular range movement upward to retest the wedge resistance (yellow) in a natural
accumulation pattern to break upward
(as the wedge initially formed in an
already developed up trend).
But things didn't not go as expected.
The first red flag was that when
retesting the support, the price started
consolidating longer than usual near
the support area then quickly rested
the closest resistance before reversion
as quickly downward to retest the same
support again. In other words, the consolidation
happened suddenly for an unusual
length of time (breaking the ranging
pattern). All this, oddly near the support area.
It seems to me like a failed bull trap (ask
buyers did not bite in) - Let me know
what you guys think?
Next thing you know the BIG DUMP
(breakdown) that we all witnessed a
few hours ago.
To conclude this mini crash broke this
short term rally as you can see on the
chart I shared. Will it rally? Will it pull
back and bring us to the price levels
before July 13th?
All in all, The next davs will tell us for
sure.
The 2 decisive Macro factors will be:
Retail sentiment / Adaptation to this
breakdown or upcoming breakdowns if
there will be.
Big NEWS / Breaking News. Bullish
or Bearish.
As per my TA:
I foresee that we will be pulling back
one way of another towards the 21.6K
in the short-term. Retesting the 19K
resistance in the mid-term.
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE BUT ONLY MY OPINION
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