Crypto market forms a ‘bullish’ wedge, analysts say

Crypto market forms a ‘bullish’ wedge, analysts say
Crypto market forms a ‘bullish’ wedge, analysts say

The bullish wedge is confirmed bullish, says Stock Money Lizards.

Covered:

  • Bullish wedge formation
  • Comparisons with Crypto Market Of Yore

Bullish wedge formation

Things are getting better map-wise. Or are they?

You have probably seen someone who casts doubt on what is happening in terms of the market. Often it is called a “relief rally”. As you can guess, a relief rally comes after things have been so bad that things just have to get better. But also only for a little while. It’s a kind of respite.

Although, according to Stock Money Lizards, another big decline wouldn’t be so bad — as long as you zoom out.

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“This macro bear market is forming a bullish descending wedge – which is confirmed to be bullish at the end of the downtrend,” said Stock Money Lizards. As you can see in the above chart exclusively provided to Cryptosrus.

“This is a macro bull trap/fakeout. BTC is rejected at the upper channel boundary before entering phase 3. Phase 3 is a prolonged sell-off, ending in a final washout. Fear is the dominant emotion at this time. Bear market ends at oversold CMF levels (<-0.2).”

So the key takeaway here is that the “relief rally” isn’t a false out so much as it’s just the next step before an eventual market rally.

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Comparisons with Crypto Market Of Yore

“In relation to the current situation, we believe that the markets have thrown up enough already in anticipation of increasing interest rate increases, inflation, ongoing war, gas problems, another wave of COVID, etc…” believes Stock Money Lizards.

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It’s an apt metaphor (the market throwing up on itself), considering the market is poised to puke and rally sometime in 2023. Just as it has in the past.

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“Qualitative.” [sic] and Quantitative Bull and Bear Market Comparison Using the Integral Function and Area Under the Curve (AUC) in the Log Chart Current Bear Market Integral is now comparable to ’13-’15. The subsequent bull market will also be comparable.” Stock Money Lizards said via Twitter.

The stock and crypto analysts also added that the crypto market, “Could be sideways for a while before up, but we disagree with the ’10k’ screamers.”

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For more of Stock Money Lizards, check out their official site and Twitter.

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