Besides the obvious head & shoulders, as you increase the timeline from 1M to 2, 3 or 6M the more horrendous it gets.
I think it will fall to the 0.786 retracement /400 monthly MA / previous top of 50$ minimum. It can go much lower as the MACD suggests, but a 70% is a common retracement for a JP Morgan bear trend and every time it enters a bearish market a retracement to its previous top and to the monthly 400 MA is a guaranteed target.
I think this won't affect negatively the cryptomarket as some people suggest.
- Massive bearish divergence in RSI.
- Price being rejected at the 25 MA, that will most likely lead to a death cross
- MACD being rejected at the signal line after the inflated march 2020 pump (looking even more rubbish at higher timeframes)
- PPO printing a bearish alert for the first time in its history at 6M (not shown)
I think it will fall to the 0.786 retracement /400 monthly MA / previous top of 50$ minimum. It can go much lower as the MACD suggests, but a 70% is a common retracement for a JP Morgan bear trend and every time it enters a bearish market a retracement to its previous top and to the monthly 400 MA is a guaranteed target.
I think this won't affect negatively the cryptomarket as some people suggest.
Note
Wells Fargo is going to nosedive pretty badly. Bear flag broken3M Timeframe picture:
25 and 50 MA death cross
MACD top
Volume divergence
Bearish dragon formation
Bank crisis over? I think it's just getting started
Note
Looking from the indices perspective, the banking sector may have one last leg up before going down. But it will go down and hard in the next couple of years.Note
I think it might rally up to 236$ before going to 52$ which would be a 0.78 retracement from '91's lowNote
Even if it does rally up, I wouldn't take this bet. 6 month graph looks terrible:
Obvious RSI divergence,
Top of the bollinger band for almost 10 years + basis line looking like it's forming a sinusoidal top
Volume divergence and oscillator inversion
PPO showing a pretty clear trend reverse
MACD also forming a top
Wells Fargo also looks like a thunderstorm in the making.
Related publications
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.
Related publications
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.