〈Daily Analysis 10/8〉Cryptocurrency heats up due to Trump's rising approval rating, but it also falls sharply!? How far is it going to drop?
[Technical Analysis (Overall Rating: 2.1/5)]
〈Points〉
・Both rapidly rose to decline in the short to medium term. The momentum is still strong, but in terms of chart patterns, won't it calm down with a fall to around 62,000 dollars?
・Currently, there is still a strong downtrend, but there is some room for transformation.
・Since the market is slightly cold and the turnover is low, it is a perfect place to shop. If the trading volume moving average is likely to have a golden cross in the future, there seems to be room for improvement.
☆ Market Sentiment (1.5/5)
・Chart patterns
Short-term perspective: Both 5 waves of propulsion and 3 waves of correction can be confirmed, making it a development that can rise above the support line. However,Even though they formed a triangular balance after 3 waves of correction, they failed to get ahead, and they went to extension.The downtrend continued again.
Mid-term perspective: Unable to break through the $64,000 resistance line,A double top is formed. Since it also exceeds the neckline, reliability is also high, and it is better to consider a maximum drop of up to 62,000 dollars.
・Moving Average
Short-term perspective: After 3 waves of correction, a dead cross occurred on the 5/21/50 moving average when the triangular balance formation failed. The downward momentum continues even though it temporarily leveled off.
Mid-term perspective: Touch a candlestick on the 200-day moving average. Recently, a dead cross occurred on the 5/75 moving average.
→ Both rapidly rose and fell in the short to medium term. The momentum is still strong,In terms of chart patterns, isn't it going to settle down with a fall to around 62000 dollars?
☆ TRENDS (1.5/5)
・DMI
When I fell back down the double top neckline, PDI plummeted and ADX skyrocketed. It is a development where PDI/MDI are far apart. However, has there been room for conversion in the point where crosses have occurred in MDI/ADX?
→Currently, there is still a strong downtrend, but there is some room for transformation.
☆ Workload/Overheating Feeling (3.5/5)
・RSI x MACD
The RSI fell to around 60 → 45 when it hit a double top. There is a slight chill, but it is within the allowable range. The MACD had remained tight even in the high price range, but it plummeted due to the occurrence of a dead cross. Currently, it feels somewhat stagnant.
・Volume moving average
The range expands on the verge of a dead cross on the short term/medium term moving average. Currently, turnover is low, and it feels like it has stagnated.
→The market is slightly cold and the turnover is low, so it's a perfect place to buy.If the trading volume moving average is likely to have a golden cross in the future, there seems to be room for improvement.
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