Crypto Market Forming ‘Bullish’ Wedge, Analysts Say

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

Covered:

  • Bullish Wedge Forming
  • Comparisons To Crypto Market Of Yore

Bullish Wedge Forming

Things are getting better chart-wise. Or, are they?

You’ve probably seen some people casting doubt over what’s happening market-wise. Often it’s termed a “relief rally.” As you can guess, a relief rally comes after things have been so bad that things just have to get good again. But, also, only for a little bit. It’s a respite of sorts.

Though, according to Stock Money Lizards, another major decline wouldn’t be that bad of a thing — as long as you zoom out.

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

“This is a macro bull trap/fakeout. BTC gets rejected at the upper channel border before it enters Phase 3. Phase 3 is a long-lasting selloff, ending in a final washout. Fear is the dominating emotion at this point. Bear market ends at oversold CMF levels (<-0.2).”

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

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Comparisons To Crypto Market Of Yore

“In terms of the current situation, we believe that the markets have thrown up enough already in expectation of increasing interest rate hikes, inflation, ongoing war, gas problems, a new COVID wave etc…” Stock Money Lizards believe.

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

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“Qualintative [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 now is comparable to ’13-’15. The consecutive bull market will be comparable as well.” Stock Money Lizards said via Twitter.

The stock and crypto analysts also added that the crypto market, “Could be sideways for some time 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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