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Today and the next days will be a decisive moment for the entire crypto market
We are sitting exactly at the resistance level that I have called the "quadruple resistance" some days ago.
More so, the double peak I suggested happened as well.
In 2018 we had pretty much the same configuration. Within the open wedge there was another attempt made to break the resistance coming from the ATH peaks. However, it failed and price moved back to 6k. Since this happened in 2019 as well, there is a reasonable chance that it will happen in 2021 again.
However, sentiment seems to be different this time around. I have watched the market quite closely in the last several days and it seems like this quadruple resistance might not be enough to hold the price down. If so, the previous scenario I laid out won't happen:
There wouldn't be a correction back to ~23k. Instead, prices would head to 50k and beyond. I think this would be a confirmation of a macro break out and a rally to ~100k in the next months. Personally, I don't hope that this happens, as it would lead to a premature end of the bull market. The other scenario I laid out in the chart above would lead to a market top in 2022.
This will all be decided in the next days. If a sustained break out happens, expect a strong rally. If there is a rejection, we should be heading to 23k.
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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I was thinking of your analysis while watching the price action this past days and I was waiting for a post from you about it :)
Decisive moment indeed! Interesting times ahead :)
Just yesterday at the first 43k test I was thinking "Should I just sell everything and reload at 23k?" 😂 but then as you also say here, what if we break the 45k and go to 50k and the 100k is back on the table? It's always 50/50.
I'm glad though that my ideas and thoughts of this past days are in line with what you are saying here on the post, makes me happy as it means that slowly I'm learning to read better the charts and growing as a trader/investor :)
Thanks for your post, always a pleasure to see your point of view on the crypto markets 😁
and so is yours :)
let me know when you start posting your own analyses ;)
Of course :)
Cheers! 😎
The cycles are lengthening. They have to because the amount of money needed to move the market are getting much larger.
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indeed, and that would also rather suggest a rejection
Informative blog ...... Of course very helpful for crypto related person sir🙏😊
glad it is helpful!
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Thank you so much