17th November 2021 > > More technical analysis.

tl;dr

Resident techie Larry shares some of his insights for discussion purposes only.

Market Snap

Market Wrap - Technical analysis (TA) from our resident techie Larry

Several breaches to the downside of $60k leaving us at 15% below the ATH we saw just one week ago. Alts are generally having a hard time of it too though XEUS is pleasingly hanging on in there.

Curious Cryptos’ Commentary – Scam alert

I have just come across several extremely dodgy websites all based on the premise that if you send them cryptos to “buy miners”, you will receive huge rewards back.

https://cnsminer.co/?ref=0x861A3193Cbc4f186596B4B5bb704D3CE1Bc4F3B7

https://usdtminer.org/index.html?ref=XX8l8A2+U3hTuQrQ/jnJZpJfc4u/WYL3FY5YbTLABfIQ3X1IL1LcSzPucav8yIdN3A

https://busdpirates.com/index.html?ref=XX8l8A2+U3hTuQrQ/jnJZpJfc4u/WYL3FY5YbTLABfIQ3X1IL1LcSzPucav8yIdN3A

These sites are offering 1000+% APY for “buying miners” with stablecoins.

What utter tosh.

At best, they are ponzi schemes, and will crash and burn. At worst, they are simply stealing your stablecoins.

As ever, the thieves are successful in leveraging off peoples’ greed. Do not fall for these scams.

Curious Cryptos’ Commentary – Resident techie Larry has an update for us

You may recall the TA I did calling for an impulse wave up to the $90k region based on a breakout from the triangle of a big BULL flag.

Well, that has been totally invalidated, so anyone buying longs on the basis of a not yet validated TA price prediction is predictably rekt.

In fact, for a pattern in TA to be considered valid it needs validation. Generally, this means that after the pattern has been identified, one needs to see price action playing out as per the predictive expectations of the pattern.

For the original BULL flag I drew, this means price dropping back down, texting the upper part of the triangle, and then bouncing (proving it as support) and then continuing upwards. So, Techies look for trend continuation to validate a pattern. In the case of my bull flag this failed, the pattern was invalidated as price action retested twice and failed to continue the upward trend by forming a new higher high.

Luckily, Techies never have to dwell on the past, there is always a new pattern to imagine identify. In today’s world, there is now a BEAR flag forming that points to a drop in BTC to $52k. Same reasoning as the bull flag but in reverse.

Of course, at this point it’s not a validated pattern, we need to see price action drop below the bottom line of the triangle, come back up to retest and then drop further forming a lower low, validating the BEAR flag. Once that has played out, you can expect price to drop to $52k. If the pattern works out. And if another pattern doesn’t emerge. Unless I change my mind.