Will the most famous crypto survive the new terms of the upcoming neo economy?
A weekly close above the purple trendline and a follow through bar would be required in order to avoid so. Instead, the price more likely to trade within a Trading Range between 3000 and 8000. Traders see 8000 as a good place for sell setups.
The emini sold off strongly on February without reaching ambitious Measured Moves Targets around 3500.
The downside was so surprisingly big that erased all the bull breakout, meaning that now there is a 60% chance of a Measured Move down to 2300 area. This means that it will break a Key Bullish Trendline: If it brokes, the macro bullish trend will finish and...
3440 it is the target of a measured move based upon a bull leg plus middle of trading range. Normally the computers see this measuring method as minor and they will be more inclined to Leg 1 Leg 2 targets.
Both, Leg 1 and Leg 2 are very clear and the end of it 3495 it is near a very important Big Round Number.
All this targets will act now as a Magnetic Pull....
The price stalls at the top of the Trading Range -where All Time Highs await-.
There might be a brief extension until area of 14000, however, a megafone structure is normally appearing at the end of the trend.
The end of a 2nd leg -¿trap?- it is also pointing to get an exhausted move.
Conclusion:
It is the time of bear setups, an inside bear bar closing on...
