Double bottom or deeper bottom?

2021年5月23日

Looking at the crazy sell-ff in the Crypto market on the wonderful Sunday.

Since the crypto market easily surged by almost 5x since 1st of January 2021. It was not a surprise that the price has came down. This being said on the hindsight I also did't expected the crypto will destroy around 1 trillion within a few weeks.

But looking at the ETHUSD chart today. I am taking three scenarios into consideration for the next weeks.

Scenario 1 ETHUSD will form double bottom at above USD 1850. The bounce might not getting back to 4.4k as in Q1/2 2021 this year rather more choppy and with a high risk crashing again. Besides that I will waiting for news on the ETH2.0 upgrade and expecting the crypto market slowing down the next month.

Scenario 2 ETHUSD will break the first bottom and fall until around USD 1420, the ATH back in 18th Jan 2018. With has a decent amount of support and volume traded within this area.

Scenario 3 Complete crash below this year's open... but from my point of view the possibility for this event is very very low.

Looking forward for the next weeks to buy or not to buy.

Let me know you opinion and drop some comments below if you feel to.

Best
hooolymoooly

2021年5月26日

ノート

ETHUSD tried to get to the previous bottom a few days ago couldn't touch it and FOMO kicked and made a nice and clean bounce back of around 60%.

Currently consolidating / correcting below 200 EMA where new shorts might get in or the current ones get trapped. If latter and volume confirming this, the price might be able to continue its run.

There is a lot of foam in crypto which is causing the crazy volatility. But that is also understandable since there is no more than a hand of people behind it and if this people can't be trusted the coin is dead. But so far they are doing a great job driving the vision of decentralization.