The Weekly Candles show nearly no wicks to the upward, indicating that the bulls aren't fighting hard enough to reclaim lost ground. Given that this is the case during a major drop, it's a clear sign that purchasers are leaving the market in anticipation of further decline. The past two Weekly Candles have cracked and closed below a 7 WEEK-STRONG support barrier of $34,700, despite price rejecting beautifully off the $30,000 support level. It's a really exciting moment for the cryptocurrency market at the moment, with both upside and downside breakouts being equally likely as price consolidates.
Do you think the bulls will fight back and reclaim the throne?
Do you think the bulls will fight back and reclaim the throne?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.