$OTHERS: head and shoulder pattern on 1W

vor 7 Tagen

The altcoin market appears to be forming a head-and-shoulders pattern, one of the most reliable bearish setups in technical analysis. If confirmed, this pattern points to significantly lower levels — deep into bear market territory.

On top of that, the weekly stochastic RSI is overextended and has little choice but to correct. This suggests that if an altseason is coming, it needs to kick in fast before momentum fades.

Hopefully, this bearish scenario will be invalidated. Still, the resemblance to the 2021 bull market top is striking: back then, the same formation appeared, and its validation proved devastating for altcoins.

This is definitely a pattern to watch. It runs counter to the prevailing narrative of an imminent altseason, which makes it even more concerning. I truly hope I’m wrong — but the chart is showing it clearly.

vor 6 Tagen

Trade ist aktiv

Updated and cleaned chart. Is the price action will follow this idea or will it be invalidated by a BTC pump?

vorgestern

Trade geschlossen: Ziel wurde erreicht

We are getting a small pull back. Is this going to validate the idea? It is too early to say, but the market is going in the right direction.