With only one day left to go in the month, it is not looking good for the Bulls.
Throughout the week the Bulls have been trying to hold and push, hold and push, hold and push. But the Bears keep swiping them back down and out of the way like they are clearing a phone notification. But check this out.
As I was playing with the charts this morning, I started thinking about the Anchor VWAP I pulled from the ATH that I showed in previous issues of the Elephant Jungle and how it was keeping price in line with resistance as price was coming down. So I said alright… what does it look like from the 15,440k low from 2022? Well...When I pulled it, I noticed we are not that far from tapping into that Anchor VWAP for support. We are about 1,600 dollars away from the 59.8k low that we made on February 6th. Now that got my attention. Because if the Bears run into that level for support, they just might get the horns put on them. And if that happens, we could see a full 180 degree turn in price. But then I thought… hold on. What does the Anchor VWAP look like from the All Time Low? Well, at least the ATL on my chart. Unfortunately my chart only goes back to March 2020. But it is better than nothing. So, what did I see? It is sitting there. Waiting. Not too far under the 2022 Anchor VWAP. Almost like it is ready to step in and hold support if called upon.
And not only that… It is sitting just above the low of the 1M Demand Range that is currently holding as support right now. So now the real question becomes this. Do the Bears even have enough strength to push through this zone of Anchor VWAP support? Is 30k even possible?
Forget that. Is 45k even possible at this point?
Yes, the Bears have been going hard. They have been closing bearish candles for months. But are they getting tired? Because if they want to sweep the 1M Demand Range low, they are going to need more than momentum. They are going to need speed. Force. And probably a strong dose of bad news to fuel the drop. And in this Jungle... Bad news is gasoline.
So what happens if the fuel runs out?
Let’s flip the page and drop down to the 1W and see what is really going on.
Throughout the week the Bulls have been trying to hold and push, hold and push, hold and push. But the Bears keep swiping them back down and out of the way like they are clearing a phone notification. But check this out.
As I was playing with the charts this morning, I started thinking about the Anchor VWAP I pulled from the ATH that I showed in previous issues of the Elephant Jungle and how it was keeping price in line with resistance as price was coming down. So I said alright… what does it look like from the 15,440k low from 2022? Well...When I pulled it, I noticed we are not that far from tapping into that Anchor VWAP for support. We are about 1,600 dollars away from the 59.8k low that we made on February 6th. Now that got my attention. Because if the Bears run into that level for support, they just might get the horns put on them. And if that happens, we could see a full 180 degree turn in price. But then I thought… hold on. What does the Anchor VWAP look like from the All Time Low? Well, at least the ATL on my chart. Unfortunately my chart only goes back to March 2020. But it is better than nothing. So, what did I see? It is sitting there. Waiting. Not too far under the 2022 Anchor VWAP. Almost like it is ready to step in and hold support if called upon.
And not only that… It is sitting just above the low of the 1M Demand Range that is currently holding as support right now. So now the real question becomes this. Do the Bears even have enough strength to push through this zone of Anchor VWAP support? Is 30k even possible?
Forget that. Is 45k even possible at this point?
Yes, the Bears have been going hard. They have been closing bearish candles for months. But are they getting tired? Because if they want to sweep the 1M Demand Range low, they are going to need more than momentum. They are going to need speed. Force. And probably a strong dose of bad news to fuel the drop. And in this Jungle... Bad news is gasoline.
So what happens if the fuel runs out?
Let’s flip the page and drop down to the 1W and see what is really going on.
Red Elephant
Need More TA? The Elephant Jungle: redelephant818.substack.com/?utm_campaign=profile_chips
Trade On KCEX Lowest Fees: kcex.com/register?inviteCode=TV04VP
Follow On X (Twitter): x.com/RedElephant818
Need More TA? The Elephant Jungle: redelephant818.substack.com/?utm_campaign=profile_chips
Trade On KCEX Lowest Fees: kcex.com/register?inviteCode=TV04VP
Follow On X (Twitter): x.com/RedElephant818
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Red Elephant
Need More TA? The Elephant Jungle: redelephant818.substack.com/?utm_campaign=profile_chips
Trade On KCEX Lowest Fees: kcex.com/register?inviteCode=TV04VP
Follow On X (Twitter): x.com/RedElephant818
Need More TA? The Elephant Jungle: redelephant818.substack.com/?utm_campaign=profile_chips
Trade On KCEX Lowest Fees: kcex.com/register?inviteCode=TV04VP
Follow On X (Twitter): x.com/RedElephant818
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.