Hello traders and crypto enthusiasts
IF (!) the double top pattern on the weekly is confirmed when this weekly candle closes below the neckline in 9000-9200 area, we have a high probability of very strong downmove.
The RSI plunging and the MACD histogram going red for the first time since February are what make me to believe last night's move downward was just the beginning.
Traditionally the drop will be around the same as the distance between neckline and the tops, which indicates we could be going way down to around $8000.
On the way down we'll be encountering support around $9000 and possibly the 50EMA which will be around $8000.
Averaging in between these prices is what financial advisors would say, sure as hell not me!
I will however say I have some dry powder left and will be waiting patiently and see how this plays out!
Any suggestions, remarks are welcome as this is my first published idea. I've been reading and learning about TA and I'm here to learn more from you all!
IF (!) the double top pattern on the weekly is confirmed when this weekly candle closes below the neckline in 9000-9200 area, we have a high probability of very strong downmove.
The RSI plunging and the MACD histogram going red for the first time since February are what make me to believe last night's move downward was just the beginning.
Traditionally the drop will be around the same as the distance between neckline and the tops, which indicates we could be going way down to around $8000.
On the way down we'll be encountering support around $9000 and possibly the 50EMA which will be around $8000.
Averaging in between these prices is what financial advisors would say, sure as hell not me!
I will however say I have some dry powder left and will be waiting patiently and see how this plays out!
Any suggestions, remarks are welcome as this is my first published idea. I've been reading and learning about TA and I'm here to learn more from you all!