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Daily Forecast Analysis 5.29.24 From The Crypto Underground

By TheDarkSage | The Crypto Underground | 29 May 2024


Grand Rising Traders, it's 8:43 am on this Wednesday, 5/29.

The market is unfolding as anticipated - for some of you, the red bar up here is a new development, while for those on PublishOx, you're already familiar with the resistance bar and blue line from my post yesterday.

As expected, the price hit resistance here, pulled back, and found support at this old consolidation line. This newer consolidation line is also providing support currently, evident from the wick to the left that got rejected quite firmly when it approached this area.

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We're presently seeing a red candle retrace back down to test the old consolidation around 67,546. It has already breached that level, and the next consolidation line in that vicinity is causing some pushback. I don't foresee it breaking through this area, but even if it does, the 50% Fibonacci retracement should act as a solid catch.

Based on this, I expect more sideways action with the old consolidation line largely underpinning the price, despite the current hourly red candle attempting to drive it lower into the next support zone, where it's facing rejection.

As mentioned yesterday, the inability to surpass this resistance area leaves us susceptible to breaking down through the next support level to revisit the 65k trigger point. We haven't escaped that scenario yet and won't until we can conquer this resistance barrier - a formidable one currently. Without that, all I envisage is a sideways chop and a potential downtrend.

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Should we slice through the 50% retracement level, the 61.8% Fib resides just above 65k and would act as support while we remain above it, but breach it, and it flips to resistance, potentially trapping us below for some time. However, that's not the predominant prospect facing us at this juncture.

To reiterate, I foresee more sideways action along this consolidation line, perhaps even some channel trading between the old and new consolidation lines in this tighter range. If we dip into that channel but break out above it, we'll revisit and retest the resistance zone. Failing that, sideways grind along the consolidation until a breakout materializes - which would be bearish as long as we remain capped under resistance.

That's it for today, guys. I'll catch you tomorrow. Stay blessed. This is the Dark Sage, signing out, peace.

 

 

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TheDarkSage
TheDarkSage

Cryptocurrency Investor, Trader, Staker, Pooler, Farmer, Miner, and I am only sharing my opinion based on a modified Wyckoff Method and 20 Plus years of trading experience in Stocks, Forex and Crypto.


The Crypto Underground
The Crypto Underground

Welcome to "The Crypto Underground" ⛏️ – your go-to source for exploring the world of cryptocurrencies, daily technical analysis using a modified Wyckoff Method. DISCLAIMER: All of The Crypto Underground Posts are based on my opinions alone and are for informational purposes ONLY. YOU should not take any of this information as guidance or advice for buying or selling any type of cryptocurrency. I am not a financial advisor and anything that I say on this channel should not be seen as financial advice.

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