I have been busy working on our AI Super Aggregator so have not been as active in the market but look at this chart, it looks not good. We have broken a 2 year ascending trendline, the only goodish news is that it looks like we are trying to assume a nearly horizontal channel versus some steep descending channel.
Since we are at the bottom of that new channel I would expect some reprieve from the current descent but a good chance its just enough to come up and prove our old ascending channel as resistance before potentially heading back down to retest the bottom of channel support.
Really most the broad crypto market looks not so great but some assets have been trying to break their descent, and for some assets they are so oppressed right now you have to wonder, how much lower can it go?
Be vigilant, the market has already been cruel and at the moment it looks like it still has more anger to blow off.
Since we are at the bottom of that new channel I would expect some reprieve from the current descent but a good chance its just enough to come up and prove our old ascending channel as resistance before potentially heading back down to retest the bottom of channel support.
Really most the broad crypto market looks not so great but some assets have been trying to break their descent, and for some assets they are so oppressed right now you have to wonder, how much lower can it go?
Be vigilant, the market has already been cruel and at the moment it looks like it still has more anger to blow off.
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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.