Overall Crypto Market UpdateOleg Alexandrov
This is a continuation of this post (published on 19/DEC and titled – Overall Crypto Market Overview).
What was the outlook?
I expect “Echo” after 3 busy days. The most rational scenario – is fluctuating of price between the top trend line and orange level.
- Expected 3 days of “echo”. Terms “balancing wedge”, “consolidation”, “indecision” could be used (blue circle)
- Attempt of bulls to breakout. As you can see, closing on highs, average increase in volume. This is definitely effort of buyers to push the price higher. What the result of effort?
- The last bar gives information to judge the result. Result is bad, because this is EVRT bar (not finished yet). Hence, the effort of bulls encountered the wall of SELL-Limits as progress stalled amid big volume. This means supply around the old resistance line (dotted wave-line).
What is interesting, we have a potential SLKT formation because the current day penetrates the high of 18/Dec pump. So, public buyers (driven by to-the-moon emotions) can easily enter the Trap.
What is next?
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