Welcome back dear reader, for another Chilliz post.
As i've been analyzing the chart further my eye fell on the bars pattern from May till October 2020, and noticed that it looks ALOT like the current bars pattern.
The market structure it would form would also make alot of sense from a traders perspective. Allow me to explain while i have your attention.
The only sellers remaining now are from 2021 or earlier, so we might stay in this area for a couple of weeks for people to capitulate. Those that got in earlier are eager for a break-even and will probably get that end of this month or beginning of April. Then around the latter half of May we might see 0.20$ followed by a retest of the lower bounds forming a perfect W as traders suspect it to be the absolute end of the bullmarket. Only for it to be followed by a quick recovery and a massive blowoff top!
Target: Remains around 3$ (The fractal would indicate 17$ and a market cap of 160B, at 3$ it would be 28B which isn't too farfetched)
Stoploss: 0.032$
Final remarks: Do i know for certain that it will happen? No, but the charts tell us a different story.
Rustle
As i've been analyzing the chart further my eye fell on the bars pattern from May till October 2020, and noticed that it looks ALOT like the current bars pattern.
The market structure it would form would also make alot of sense from a traders perspective. Allow me to explain while i have your attention.
The only sellers remaining now are from 2021 or earlier, so we might stay in this area for a couple of weeks for people to capitulate. Those that got in earlier are eager for a break-even and will probably get that end of this month or beginning of April. Then around the latter half of May we might see 0.20$ followed by a retest of the lower bounds forming a perfect W as traders suspect it to be the absolute end of the bullmarket. Only for it to be followed by a quick recovery and a massive blowoff top!
Target: Remains around 3$ (The fractal would indicate 17$ and a market cap of 160B, at 3$ it would be 28B which isn't too farfetched)
Stoploss: 0.032$
Final remarks: Do i know for certain that it will happen? No, but the charts tell us a different story.
Rustle
Trade active
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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.