Worldcoin, One Final Drop; Bitcoin & The Altcoins Market

31 paź

The great thing about technical analysis is that there are always so many signals, so many different dimensions from which we can approach a pair, a chart, a market.

If we develop a market bias, we have so many ways to either support or refute its value. We can consider a combination of signals or a single signal in isolation. We can consider chart patterns, chart structure, marketwide action, sentiment, indicators, correlations and the rest. It is truly amazing and greatly entertaining. We can have fun while we learn.

Here we have Worldcoin (WLDUSDT) and it has been red for a while already, so surely it comes to mind to think that the correction is over or either to think that it can't go any lower because it already corrected for long. The market doesn't care about time though it does what it does.

When prices are rising and set to rise, the biggest volume bars in the cycle tends to be green.

When prices are declining and set to continue lower, the biggest volume bars always end up being red. Seeing the big red volume in early August and 15-October tells us that additional bearish action is possible.

I am choosing these pairs by looking at leveraged pairs on Kucoin, in this case I saw WLDDOWNUSDT 2-4x Short. When Bitcoin peaked yesterday many of these pairs went ultra-bullish and this gave me a signal that some people in the know are preparing for a drop. This isn't surprising because many other signals are pointing towards the same, this only works as confirmation and makes our bias stronger.

In March 2024, both Bitcoin and Worldcoin were trading at new All-Time Highs, in fact, most of the market was doing really good. Now, in October 2024, Bitcoin is trading near its All-Time High but Worldcoin and most of the market is trading very low, WLDUSDT is trading near the same price it traded back in November 2023, this is a huge discrepancy and a warning signal.

We have another drop, a strong one, coming next. This will be the last drop, based on my calculations, for 2024 and this will set the market low. After the bottom is in, we will have a nice recovery coupled with long-term growth.

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