If you look at the SMIO, this bear market has a remarkable pattern wich played out twice now.
Expecting a third playout
Why?
-This feels really like the end of march/begin of april kinda period when shorts were getting rekt, wich will happen anytime soon. Shorts are really overbought with clear bear indicators.
- The pattern looks really bullish to me --> SMIIO making higher lows while the price makes lower lows --> Bull divergence
- If you look closer you can make an falling wedge pattern wich makes the odds of the bulls in a slightly better position
- If you look at the RSI, wich isn't projected here, BTC clearly is on the edge of the oversold area
- On the smaller timeframes BTC has many Bull divergences
- Alts are basically beaten like hell
And most importantly: If you look at the sentiment,people are having, it's pretty negative
When I look around at other charts I see 3K incoming! On Reddit/ Telegram groups it's all the same. Investors are pretty desperate en it looks like they lost hope
Wich gives me the feeling the market is ready for a different direction
NOTE: If this support doesn't hold, It has a good change this pattern will playout around 6200
Expecting a third playout
Why?
-This feels really like the end of march/begin of april kinda period when shorts were getting rekt, wich will happen anytime soon. Shorts are really overbought with clear bear indicators.
- The pattern looks really bullish to me --> SMIIO making higher lows while the price makes lower lows --> Bull divergence
- If you look closer you can make an falling wedge pattern wich makes the odds of the bulls in a slightly better position
- If you look at the RSI, wich isn't projected here, BTC clearly is on the edge of the oversold area
- On the smaller timeframes BTC has many Bull divergences
- Alts are basically beaten like hell
And most importantly: If you look at the sentiment,people are having, it's pretty negative
When I look around at other charts I see 3K incoming! On Reddit/ Telegram groups it's all the same. Investors are pretty desperate en it looks like they lost hope
Wich gives me the feeling the market is ready for a different direction
NOTE: If this support doesn't hold, It has a good change this pattern will playout around 6200
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.