The correction in the #crypto world looks systemic. The magnitude and the sharpness of the initial waves down signal that it is possibly just the beginning of a deeper correction.
As the candles signaled a few days ago, the decline continues:
Let’s decipher the candlespeak for the sample of 8 popular cryptocurrencies.
General observation: the volume on the red days is higher than the volume on green days in the last 10 days across the sector. It is not a healthy sign.
$BTC – formed a bearish continuation candle on high volume; moved strongly below 50 DMA; 8 and 20 EMA are to cross 50 DMA in the next few days. Odds: bearish.
$THETA – made a bearish candle, but not very strong. Thrusting Line is viewed as bearish continuation; price below 50 and 100 DMA. The coin could consolidate for a few days before moving lower. Odds: Neutral-Bearish
$XRP – formed one more Falling 3 Methods. A move lower is almost guaranteed. Odds: Bearish
$UNI – made a Falling 3 Methods, flipped PSAR bearish. $BTC – formed a bearish continuation candle on high volume; moved strongly below 50 DMA; 8 and 20 EMA are to cross 50 DMA in the next few days. Odds: bearish.
$ETH – was rejected at 20 EMA line and fell below 50 DMA. As the price moved below BB, expect a few days of horizontal moves until indicators normalize. Odds: Neutral-Bearish
$LTC – completed a Tower Top formation, expected to move down after a pause or right away. Odds: Bearish
$MATIC – canceled the bullish hopes with the Piercing Line of yesterday. Moved strongly below 50 DMA. Odds: Bearish
$DOT – a bearish candle, somewhat weaker. The price moved below 50 DMA and is likely stay there. Odds: Bearish.
Latest details/waves for $BTC and $ETH:
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