The correction in #crypto continues. After a two-day breather, expect a move down tomorrow, the day of the weekly candles that don’t look bullish so far. Of course, anything could happen and candles could reverse. We will see.
This is just for awareness of the perspectives.
Let’s decipher the candlespeak for the sample of 8 popular cryptocurrencies.
1. 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.
2. The daily candle formations of all by $ETH and $XRP are very similar – two green candles on the declining volume. The two candles ended within the range of the preceding large red candle.
Most typical outcome – a Falling 3 Methods or a similar pattern tomorrow.
3. $ETH and $XRP are incredibly resilient and managed to move above the red bottoming candles. Still the technical support is not there and a confirmation is required. Let’s see how they play tomorrow.
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