Tag: Ethereum (ETHUSDBIT)

Crypto Apocalypse?

Posted on by Aibek Burabayev

Ethereum (ETHUSDBIT) has an annihilation pattern in its chart and I would like to share it with you below as the price of the second largest crypto is approaching the trigger point.

Crypto - Ethereum Chart

You know this famous pattern very well as this model frequently appears in different instruments. I know it looks a little bit weird as the shoulders are not symmetric. However, all parts are in place, and the Head is the highest peak.

The failure to proceed to the upside after breakout beyond this February’s peak of $3,280 dried the demand for the second largest cryptocurrency; it has been building the small Right Shoulder of the pattern. The Neckline has been drawn through the valleys of the Head. Continue reading "Crypto Apocalypse?" →

The Truth Behind The Tech Selloff

Posted on by Wayne Burritt

There’s no doubt about it: Tech stocks have taken it on the chin lately. In fact, the tech sector (NASDAQ) is down 22% since the beginning of the year. That’s a terrible start to the year, no matter how you slice it.

And inside tech, there’s nowhere to hide. Even the biggest and brightest are getting hammered. See for yourself:

Tech

Source

This chart shows the year-to-date performance of the stars of tech, the so-called FAANG stocks. The acronym stands for the five prominent players in tech, including Meta (FB), Amazon (AMZN), Apple (AAPL), Netflix (NFLX), and Alphabet (GOOG). Included in the chart is also the performance of the NASDAQ. (Apple was originally excluded from the FAANG club but was added in 2017).

The details are gruesome. Since the beginning of the year, Meta is down 39%, Amazon is down 29%, Apple is down 15%, Netflix is down 67%, and Alphabet is down 20%. All told, those are bone-crushingly bad numbers. Continue reading "The Truth Behind The Tech Selloff" →

Major Cryptos Enter Bullish Mode

Posted on by Aibek Burabayev

Bitcoin

The price of Bitcoin has built two large legs down that perfectly fit the slightly up-sloping trend channel (orange). It means these legs are equal in size. It is a good sign as we could consider the large consolidation as completed then.

Since January 24, 2022, the sharp move up advanced rapidly to hit the new high of $46k last month, breaking above the earlier minor top established on January 13, 2022, at $44.5k. However, despite such good progress, that move could be just a “dead cat bounce.” Later last month, the strong collapse almost proved that. However, it turned out to be a deep retracement as there was no new low. Continue reading "Major Cryptos Enter Bullish Mode" →