Key elements on this chart are: - 50D MA - 200D MA - 200W MA - Death Cross - Golden Cross
Idea is based on the assumption will reject from 200D MA or break above but fail to reclaim 200D MA as support. The bottom is estimated at a touch of 200W MA end of this year.
Your 2021 blow off top was not a blow off top at all...
rogm86
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@Broom, agreed, was just going to write that, but then say your comment. very rounded top.
apsnt
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@Broom, look at eth and every other coin for that matter. Wyckoff-like top doesn't invalidate his observation.
Broom
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@apsnt, Still, these things dont end on a rounded top in the middle of summer. Price data might suggest it... but we have a ton of on chain data that suggests otherwise.
apsnt
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@Broom, the on chain data if real is probably the best to go after but the charts don't look good. So there's a little conflict between fundamentals and the chart. But still, since these things don'g end with a rounded top in the middle of summer, doesn't mean they can't.