You’d think I’d be tired of charting by Friday night, but nope, chart fatigue never really sets in. I was looking at crypto charts, even though I haven’t touched crypto in three months, and I saw something very exciting that I wanted to share.
My first point is that I believe the entire space has shifted from a broad bull market to—starting in early November 2021—a broad bear market. This is exemplified by one of my favorite crypto charts, Solana.
Look below at what a smooth, consistent, and reliable bull market was in place before, with a steady series of ascending scallops.
Look what has happened since then. A perfectly-formed head and shoulders top. The bear market has only been going less than three months, but many coins are down 30%, 50%, or even 90%.