Crypto Skull

🔥 Bitcoin Potential Rising Wedge: Bounce Incoming? BTC has been selling off for nearly a week now, which makes it likely that we're going to see some kind of bounce happening in the near future. As seen on the chart, BTC is finding temporary support around the wedge's bottom support line. Whether this support will hold remains to be seen. If today will be green, the rising wedge scenario will become more likely. If we break down, I think there's a big chance we will retest the $21500 area.

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If the yield will keep on rising there's a decent probability that stocks will continue to go down. If so, crypto will likely follow. For now there's little reason to believe that we're going to make new bear-market lows, but once stocks will really start selling off this probability will increase. Will monitor.

🔥 US Bond Yields Suggest More Interest Rate Hikes: BEARISH 🚨 The US 2-Year bond yields are important because they tell us how much returns an investor will get by lending his money to the government. In periods of higher economic risk, investors demand higher returns. Thus, the height of the bond yields can be used to determine whether we're in an economically risky period or not. As seen on the chart, once the 2-year yield starts increasing, the FED will increase the interest rates. Higher interest rates are BEARISH for the markets. With the 2-year yields making a new high recently, it suggests that the FED will need to increase the interest rates further. Is the current 25 basis points enough to tame inflation and market risk? Certainly not if the yields will keep like this.

🔥 GRT Bearish Triangle: Patience! GRT has seen a massive move over the last weeks, but it's showing some weakness recently. I'm waiting for the price to break through the bottom yellow support area . A break out here can cause a further fall towards the blue targets.

🔥 XRP Is Extremely Weak XRP is one of the weakest big alts on the market. While virtually all alts have gained well over 50% since 2023, with a lot even >100%, XRP has not even gained 30% from bottom to top. Extremely lackluster performance from XRP, which has likely something to do with the lawsuit. From a purely TA point of view, there's zero reason to invest in this token. On the other hand, there's still gains to be made here by shorting. Long the winners, Short the losers. I'm looking for a move back towards the yellow support zone .

🔥 MATIC Retracement After Parabolic Move: Support Area Located MATIC has seen incredible gains in 2023. However, the half February move appeared to be too violent, so the market had to cool down a bit. MATIC is currently closing in on a major area of support, see yellow marked area. In my view, there's a high probability that a bounce of some sort will occur from there. Not sure yet if we're going to see new local highs in the near future, so keeping the targets close in blue.

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🔥 OP Retesting All-Time Highs: Patience Is Key OP has seen incredible returns in January. February, on the other hand, has been quite the letdown. However, OP has seen some strong gains over the last few days. Currently, OP is retesting the all-time high around $3.22. I'm going to wait for OP to break out. If OP can see a significant break out in the near future we might see a new bullish trend start for the remainder of crypto as well. Targets in blue.

🔥 Ethereum Short-Term Bull Flag Formation: Wait For Break! ETH has been trending downwards over the last few days. During this downward trend, a bull-flag formation has emerged in the chart. Personally, I'm waiting for the price to break through the top resistance. Be patient. Targets in blue. Another way to trade this pattern would be to wait for the price to bounce off the bottom support for a better risk-reward entry.

Target 🎯 1 ✅

🔥 COCOS Looks Ready To Fly, Again! COCOS has been one of the best performing cryptos of the last week, where it made over 300% returns at some point. Since hitting the $3 mark, COCOS has been seeing a prolonged period of consolidation. Normally, I stay away from tokens which have moved this hard in a short period of time. However, COCOS is continuously making higher-lows, which is an indication of strength. I'm looking at $2.70 and $3 as potential near-term targets.

🔥 Bitcoin Can Fall Further: No Danger For Bulls, Yet In yesterday's Bitcoin analysis I talked about the daily bearish divergence on the BTC chart. The divergence is not yet a signal to short, but it's showing some cracks in the trend that we're currently trading in. Take a look below. In this analysis I want to explore Bitcoin's possibilities in case we're actually going to see a bearish period. In my view, BTC will stay longer-term bullish as long as we trade above the dotted purple resistance. So, there's no reason for long-term bears to celebrate as long as this line is holding. With stocks showing signs of weakness, there's a possibility for more bearish price action over the next two weeks. Which can, potentially, take us down towards the dotted support. Consequentially, opening a long from said support is definitely something I'm looking for.

🔥 Bitcoin Is Showing A Warning: Bearish Divergence Although I'm still bullish over the next couple of weeks/months, the Bitcoin daily chart is showing some minor warnings. When looking at the RSI , we can clearly see it's in a downtrend. Furthermore, the Bitcoin price seems to be in an uptrend. See the dotted lines (dotted lines are merely there to show direction, not support/resistance ). When the RSI goes down and the price goes up, it's called Bearish Divergence. Bearish divergences can sometimes suggest that the end of the trend is here and that a reversal may come soon. Keep in mind that if we're going to see some strong green candles the RSI will move back up and the bearish divergence will be invalidated. So far, the bearish divergence is merely a warning and not a signal.

🔥 DENT Primed For Break Out: Bullish Pennant DENT has been trading sideways over the last couple of days. During this process, a bullish pennant pattern has been formed. Bullish pennants are classically bullish continuation patterns, so that's where we're going to look at today. I'm anticipating a break out from this pattern in the near future. A candle close above the pattern's resistance could be the starting sign of the next leg up. Be patient. Targets in blue.

🔥 Thought Experiment: What Do You See? I've made some changes to a well-known chart to attempt the removal of any potential biases. Does this chart look bullish or bearish to you? To me, it looks like a rising wedge pattern which broke bearish , retested the support as resistance and is currently on its way down. I would've liked the wedge's support a bit steeper honestly, but the current angle does the trick. In any case, it's looking like the chart wants to go down.

🔥 ETC Lagging, But Still More Gains To Come ETC is one of the many alts who's currently underperforming the market. However, that give us the chance to invest into a token which still has more room left to grow. In my view, ETC will likely continue going up over the next few weeks, together with Bitcoin . I'm looking at the top dotted resistance line as a target. With continued market strength we might break out of the resistance, but that's something for later.

🔥 Bitcoin Short-Term Bull-Flag: Break Out Coming Soon! For the last few days, Bitcoin has been trading inside a triangle pattern . Since this consolidation pattern appeared after a big move up, I'm calling it a bull-flag . Bull-flag typically break bullish at some point, so that's what I'm anticipating. I'm waiting for the price to close above the top resistance before making an entry. Be aware, we can very well break bearish as well. In that case, no entry will be made. Targets in case of a short-term bullish break out in blue.

🔥 MATIC/BTC Near All-Time Highs: Great Long-Term Outlook MATIC has been one of my favorite alts of the last bull-cycle. It was also one of the majors gainers back then. Interestingly enough, MATIC/ BTC is currently closing in fast on its all-time high value. Which is, in my view, an incredible bullish thing. This indicates that, even when the market is bad, investors are still placing a lot of trust in this token, equally much as in May of 2021! Personally, I think we're currently trading in a huge bull-flag , only waiting to break out. Once we break out, I'm looking for a MATIC/ BTC value of 10,000 and 8,000 (omitted the zero's). I'm confident that the next cycle will be great for MATIC.

🔥 ATOM Weekly Triangle Break Out Confirmed: Gains Ahead Ever since ATOM bottomed in June last year, this token has been trading inside a massive triangle pattern , marked by higher-lows and lower-highs. However, with Bitcoin breaking through $20k, ATOM has finally found the confidence to break out of this consolidation pattern. Furthermore, ATOM has retested the resistance as support, which is classically a very bullish thing to occur. In my view, we're going to see a continued move up. Targets in blue.