Broke down from a three month long rising wedge, and rising widening wedge. The rising widening wedge has a measured move to $64-$68 which is confluent with multi-year rising wedge support.
It is now apparent that market makers registered a new ATH, to grab liquidity from 2017. It is usual that liquidity grab is followed by a drop. It is quite fascinating that there are ask orders from 2017 still around 4 years later.
The drop in price will take the monthly RSI to touch multi-years support, imo. I envision afterward a major bullrun to 1.9k.
It is now apparent that market makers registered a new ATH, to grab liquidity from 2017. It is usual that liquidity grab is followed by a drop. It is quite fascinating that there are ask orders from 2017 still around 4 years later.
The drop in price will take the monthly RSI to touch multi-years support, imo. I envision afterward a major bullrun to 1.9k.
Note
Target reached.
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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.