 | So bad news and good news. The bad news is we broke out of the channel towards the bottom. The good news is we haven't broken through a known support level yet, and the price can jump back up into the channel There isn't enough data right now, so keep that in mind. I just seen this was happening and wanted to give a warning shot out there before going to bed. Hopefully when I wake up it will be back in the channel. Anyways, what does this mean? Because this break breakout just happen in roughly an hour ago. If the price does jump back into the channel and stay in there. Then not much. All it means is the bottom of the channel is super weak, and unless if the price jumps closer to the halfway of the channel. It is likely we will see the channel be broken completely. Now lets assume it doesn't go back in the channel. Again, there isn't enough data, but a new pattern could be in the process of being made. Note the yellow line (support) If it breaks that one, then it could be a pretty bad day. It having a full sell off IMO at this second isn't likely. But it could happen if that gets broken. Something to note around April 15 of last year we had a new ATH before a drop below where we are now If it stays above the support but doesn't go back into the channel and follow it. Then we could see a new upward pattern start. If I was worried about risk, I would set stop losses around the support levels. But I would be keeping an ear out for changes in the news, watching the charts, and seeing if there is massive change in if it will tank or if it will just slightly go under the support. This letting you know if you should set it exactly on the support level or have it off slightly. Now if we look at search https://trends.google.com/trends/explore?date=today%201-m&q=%2Fm%2F05p0rrx,crypto,%2Fm%2F0vpj4_b We can see there hasn't been a real change in searches for this. And for greed fear there hasn't been a huge change ____ This isn't financial advice. I just wanted to put it out there as a warning shot for people to keep an eye on this. Again, we don't have enough data yet to say with any serious certainty where it will go, and the best guess I can get from the market is a tax sell off (people trying to get money to pay for taxes). That might be the case, and if so then I seriously doubt we will break through the support. (Note I didn't see a pattern of this for the 2017 thing, but people this year is taking taxes a lot more serious. And because crypto is still extremely new. There isn't enough data to support or deny this theory.) [link] [comments] |
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments