Hi everyone,
Checking the chart looks like my bearish bias on crypto space was not without a reason:
I have extended the channel I draw previously, with some updates.
I'm very confident of target 1: 42-37k region hitting (not for just a moment) soon, and I think that there is a > 50% chance that target 2 will be hit in H1 2022.
Because the channel I draw was overshoot by 9k to 69k, it became an ascending widening wedge, and eventually it fall out from both the channel and that wedge in early December 2021.
I think that my previous challenges to the bullish price action are still in play, I won't go through them in this post.
Meanwhile, looking at delays on ETH and seeing how well Polygon network (MATIC) performs and evolves, I became quite a fan :) I will be looking for some staking investment there as well in H2 2022 ;)
Cheers,
Antonio
Checking the chart looks like my bearish bias on crypto space was not without a reason:
I have extended the channel I draw previously, with some updates.
I'm very confident of target 1: 42-37k region hitting (not for just a moment) soon, and I think that there is a > 50% chance that target 2 will be hit in H1 2022.
Because the channel I draw was overshoot by 9k to 69k, it became an ascending widening wedge, and eventually it fall out from both the channel and that wedge in early December 2021.
I think that my previous challenges to the bullish price action are still in play, I won't go through them in this post.
Meanwhile, looking at delays on ETH and seeing how well Polygon network (MATIC) performs and evolves, I became quite a fan :) I will be looking for some staking investment there as well in H2 2022 ;)
Cheers,
Antonio
Note
Comment: Update: Looks like it really reached target 1 area, it just touched 41k overnight.Indicators suggest an upward reversal from here, but the macro situation for crypto is still very bearish for 2022 H1 IMO.
My best bet would be a weak reversal and then continue to target 2 area, I give the written >50% change for that scenario.
Cheers,
Antonio
Note
Today it perfectly bottomed at my Target 1 box's bottom range :)I'm unchanged in my opinion that lows for risk assets (yes, including crypto as it's one of the biggest bubble space that evolved during low rates) will come at least in H1 2022, and I think it's too foolish to go long on it, and requires to be too brave to short it, so I'm out until a stable bottoming signal.
RSI has come to oversold area today, so I still expect some relief, but hard to tell how much and when, and tbh I don't have the energy or interest to dig deep now with btc. I have my eyes on other areas, such as Chinese tech for H1 2022 to catch possible bottom targets, and then I'll focus more on when to come back to US tech, sided with a small portion for crypto.
Cheers and trade safe,
Antonio
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.