The Pulsecheck contains an interpretation of the daily candles and combos for the following cryptos: $BTC, $ETH, $BNB, $LTC, $ADA, $UNI, $MATIC and $DOT.
If you had a chance to read the weekly Pulsecheck yesterday, today’s daily closure of the majority of the cryptos would not be a surprise.
By looking at the 8-crypto sample, I am not convinced the bulls are in the position of power.
Confirmed a Spinning Top and almost completed a Tower Top. Definitely bearish, especially if one looks into the supporting indicators.
Not clear yet. Tomorrow, if closes below $3150 – bears win.
If it closes above $3350, I would say that miracles happen.
A confirmed Spinning Top and almost a Tower Top. If closes below $165 tomorrow – nothing bullish for at least short term.
Balancing. Could try for another higher high or flip bearish right away. Need the next candle to assess.
Three Black Crows. Hard to think bullish here, though it could pause for a couple of days.
A weekly Dark Cloud Cover seems to be taking its toll – Three Black Crows on daily. Nothing bullish.
Similar to ADA at this point. However, the very bearish weekly is a big concern. Most likely goes down.
Need to close above $27.50 for a miracle to happen. Until then, neutral-bearish.
Based on this sample, the majority of the cryptos are expected to decline. Some are balancing, but under the bearish odds.
Perhaps the month end on August 31 will provide a stronger indication of a trend.
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