Pseudonym Analyst Cheds To tell His 276,700 Twitter followers say the crypto market is flashing multiple bearish signals after witnessing a relatively strong week.
“Today, the crypto market has put out many outside bars, high wave candles, dark cloud covers, etc. You shouldn’t look for a short setup in case we pause and continue with it. I’m sleeping on the handle. ”
The outer bar, high wave candles, and dark cloud cover are all candlestick patterns, indicating the indecisiveness of market participants or the potential for change in momentum after the rally.
One of the trader’s radars, altcoin, is the blockchain scaling solution Polygon. According to Cheds, MATIC is currently struggling to get rid of immediate resistance around $ 1.00, suggesting that Altcoin may be ready for corrective action.
“Another clean short setup of MATIC should stall BTC. Mark $ 0.9297. Note the lower supply and potential M push up. [formation].. “
Analysts’ charts show that Cheds is targeting $ 0.74 at MATIC, showing that Polygon’s current price of $ 0.98 poses a near 25% downside risk.
Another altcoin on the list of traders is Cosmos, a blockchain ecosystem designed to scale and communicate with each other. According to Cheds, ATOM bear The current price is around $ 10.78.
“A short candidate for ATOM is $ 10.778 here.”
When it comes to Bitcoin, Cheds says he’s watching BTC It will probably stay bullish until it reaches resistance around $ 26,000.
“While pushing the recent highs, BTC is looking at the May 12 lows.”
As of this writing, BTC is trading at $ 23,724.
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