Max Pain Approaches, But How Low Can We Go?

13 Haz 2022

As stated in my last Chart a few months back, we are finally approaching the 2-week 100 Simple moving average. This moving average has historically acted as a magnet & major support for the market for the last 5 years. It would make logical sense that we see the same thing happen again. I see many calling for a 12K bottom, which is entirely possible, but we'll see if this 100SMA can continue to act as major support for the crypto markets again. Remember... Stay level-headed, be logical, and don't follow the crowd.

21 Eki 2022

Not

I'm very pleased the price respected the support levels I have laid out, but I fear they 'might" not continue to hold. We can absolutely rally from here and break the large overhead resistance at 22K from here, but I have strong suspicions this 18k support level will not hold. If we see a daily close below 18.4K we could see the start of a large sell-off down toward 14K and even as low as 11K. We await the market to show its hand.

21 Eki 2022

Not

One last thing I forgot to mention, if we do get a large sell-off, I will be looking for large amounts of capitulation volume to mark the bottom as indicated by the arrows in previous bottoms.