Channel and ascending wedge indicate bearish reversal imminent. Long-term extreme bullish sentiment with emerging technology... does not mitigate market behavior on shorter time frames.
Major concern: Ethereum 2.0 unlocking will result in profit taking, significant selling pressure.
- Peak around 12/20 - Lower high late January - Major retracement mid February - Short, fast wick to bottom of channel - Quick recovery to upper half of channel
Notes: 1. Assumption: Ceteris paribus 2. Potential catalyst changing market dynamics... examples that will change current expectations: a. US Crypto Spot ETF approval (US >50% of all ETF's globally, massive foreign investments in US ETF's) b. Global economic recession driven by massive spending by governments past 2 years c. Black swan events (positive or negative) - something like governmental debt forgiveness or reset of currency policies
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