this post was submitted on 06 Oct 2024
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The original post: /r/cryptocurrency by /u/caeruleumsorcerer on 2024-10-06 08:12:38.

If you look closely, there are two horizontal black lines on these charts. Every single time we cross it, it takes weeks if not months to get back to the other side. It's just a very heavy resistance and support. And we're sitting right on that line right now.

The fact that we started pumping over the weekend while the stock market was closed means that this is a local event. These local events generally return to Friday's average price or pivot point before stock market reopens on Monday.

From a geometric standpoint, we are inside a bearish broadening megaphone. These things generally just make a shoulder and we end up breaking much lower.

Anyways, I added the link at the top. It has all the charts. The charts are pretty clear as to why we should be shorting right now.

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