With the start of Beartember, it seems like the rally for the crypto market has faded. Some things I noticed:
Let me know your opinions.
- On the daily, ETH has developed a clear Head & Shoulder pattern, signalling buyers have further lost control of the price action amid the wider market conditions. A push to test the resistance at $1650 would complete the right shoulder, and a fall to $1000 would be likely.
- BTC has fallen firmly below $20K, along with the start of September, a historically terrible month for both the equity and crypto market, signalling that the overall crypto market conditions could get much, much worse.
- Macros have yet to improve, with the Fed bringing the equity market back to reality mentioning that they not stopping with their rate hikes. Inflation in the Eurozone is nearing double digits, and in the UK is forecast by the Bank of England to reach 13%, with some analysts predicting as high as 18%.
Let me know your opinions.