Eth/Crypto Projection, Ultra Fakeout Incoming?
Similar to January 2019, we're due for a technical correction and bear market rally. We're riding the resistance bounds of short term gains, and now that it's opportune for market markers to turn the viewpoint of the crowd bullish again, it seems like shorts are now the crowded move and perhaps the wrong move.
Long-term momentum should remain bearish (white line in chart) and it wouldn't surprise me if we went down from here very shortly in the next few weeks, set a short-term higher-low (white flag in the chart), followed by a medium-term lower-high (the red hammer in the chart), followed by more downtrend where more consolidation happens. Unless of course severe QE or something fundamentally crazy happens that will interrupt it somehow, which definitely seems possible sometime soon, and should be prepared for.
Personally, I know anything can happen, but being a contrarian tells me that this is the move the crowd won't be able to see. They are bearish but got a bit scared by this recent rally. Some have covered their shorts. Why not force them to reconsider their shorts for one quick fakeout before a large long move?
What do you think? Am I crazy? Do you think it's possible?
Good luck, thanks for taking a look, and don't forget to hedge your bets!
PS. 5000 is a bit of a stretch for a target, my hand got carried away with the drawing tool! :p
Anywhere 2500+ would be pretty impressive imo.
Long-term momentum should remain bearish (white line in chart) and it wouldn't surprise me if we went down from here very shortly in the next few weeks, set a short-term higher-low (white flag in the chart), followed by a medium-term lower-high (the red hammer in the chart), followed by more downtrend where more consolidation happens. Unless of course severe QE or something fundamentally crazy happens that will interrupt it somehow, which definitely seems possible sometime soon, and should be prepared for.
Personally, I know anything can happen, but being a contrarian tells me that this is the move the crowd won't be able to see. They are bearish but got a bit scared by this recent rally. Some have covered their shorts. Why not force them to reconsider their shorts for one quick fakeout before a large long move?
What do you think? Am I crazy? Do you think it's possible?
Good luck, thanks for taking a look, and don't forget to hedge your bets!
PS. 5000 is a bit of a stretch for a target, my hand got carried away with the drawing tool! :p
Anywhere 2500+ would be pretty impressive imo.
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