Strong Downward Momentum
Hello Steemians!
The momentum in the crypto continue to the downside, with no bottom in sight at the moment. There have been efforts to put in a bottom; a major effort over the weekend, but it is hard to say if anything meaningful have been accomplished. Let us take a look at the BTC daily:
Basically, after trading sideways for about 2 months, bottom fell off on Nov 14 for BTC (and all crypto). I mark it with a red arrow in the chart above. It is cascading down since that day and there is no bottom in sight at the moment. That's what I generally wrote the last time and over the weekend there is an effort to put in a spike bottom, but still it is a feeble effort and perhaps a short-cover rally. It is better visible in the hourly chart below:
In the hourly chart, there is a spike bottom around 12:00 UTC on the 25th around 3440, and there is a sharp rally above VWAP and 50 EMA. Prices are currently just below 4000. So the question is if this rally is sustainable or not. We will see that as US market resume trading after the thanksgiving weekend. As of now; even the hourly continue to remain in a strong downtrend.
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
Charts are created in Tradingview.com, which is a free service.
Very informative post. This small bounce could be a trap for many people. By the way, we are also a decentralized blog platform. You have really stood out as an excellent writer. We would like to invite you to write on our platform, CBNT, which focuses on the blockchain and finance fields currently. By posting posting on the CBNT platform you can mine additional tokens. Our website will be fully launched in the next month or so! Thank you, cbnt.io
I can hear the screaming of the fall... Also the "BUY, DAMNED IT, BUUUUY!!" From some people ahahah
not me!
hope you had a good thanksgiving.
I don't wanna see another turkey in a year! ahahaha
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