FALLING WEDGE CELSIUS CELUSDT
Hey tradingview! Here is a my view on Celsius Network and the falling wedge it has formed along with some insight on what happened with Celsius causing the downfall of the network! Make sure to LIKE my chart and FOLLOW me for more great content! Thanks
The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge. In contrast to symmetrical triangles, which have no definitive slope and no bias, falling wedges definitely slope down and have a bullish bias. However, this bullish bias cannot be realized until a resistance breakout occurs.
While this article will focus on the falling wedge as a reversal pattern, it can also fit into the continuation category. As a continuation pattern, the falling wedge will still slope down, but the slope will be against the prevailing uptrend. As a reversal pattern, the falling wedge slopes down and with the prevailing trend.
CELSIUS NETWORK and its downfall
Key Insights:
Celsius has paused withdrawals and transfers on the platform since June 12.
The network’s management looked to avoid bankruptcy filing regardless of advisers and lawyers recommending filing for Chapter 11 bankruptcy.
Amid weakening market confidence Celsius’s position in the market remains shaky.
The eclipse on the crypto market has given way to unseen events that shocked market participants. First, the collapse of Terra’s LUNA and now the Celsius Network conundrum has given way to considerable skepticism in the cryptocurrency market.
Celsius Network LLC – a cryptocurrency loan company, had over $8 billion lent out to clients and $12 billion in assets under management (AUM) as of May 2022. However, in a surprising announcement, the firm announced on June 12 that it would stop withdrawals from its platform, citing ‘extreme market conditions.’
The revelation of Celsius halting withdrawals exacerbated the bearish market conditions in mid-June, briefly sending bitcoin’s price below $20,000. With the Celsius saga unfolding, many questions have spurred about the project, management, and the events surrounding the network over the last couple of weeks.
What is Celsius?
The Celsius Network is a centralized platform offering yields on various cryptocurrencies and digital assets, including bitcoin, ether, and stablecoins. The lending protocol has positioned itself like a bank but seems to operate more like a hedge fund.
Crypto lending is pretty much like savings accounts offered by traditional banks but with cryptocurrencies instead of fiat currencies. Like in a bank, for crypto lending protocols too, an investor opens an account, deposits cryptocurrency, and earns interest on the deposits.
Investors can either make deposits in bitcoin, stablecoins, or even lesser-known, more volatile cryptocurrencies. Protocols generally pay interest in the same currency deposited, which leads to varying profits.
Like other lending protocols, Celsius promises certain yearly returns that are subject to change; however, the protocol’s publicly advertised interest rates range from ‘up to 17% APY.’
The lending protocol allows users to borrow funds and use their crypto as collateral. Apart from Celsius, other protocols have also resorted to CeFi or centralized finance – an alternative to decentralized finance (DeFi), where users still work with a centralized intermediary.
Celsius promises a specific rate for users to deposit their funds on the platform. Over the last couple of years, the protocol attracted massive interest, and the company did exceptionally well.
Notably, the firm expanded its latest funding round to a massive $750 million in November 2021, reaching a valuation just above $3.25 billion.
The Celsius Saga
As the larger market battled the bearish blues, Celsius did the unthinkable – the network flat-out halted withdrawals and transfers, locking their users out of their money.
Interestingly, many in the market have compared Celsius Network to the Lehman Brothers, looking at the protocol’s failure that exacerbated a market crisis.
Celsius is rumored to be insolvent following a freeze on withdrawals since mid-June. The firm was founded in 2017 by Alex Mashinsky and S. Daniel Leon. As mentioned earlier, the lending protocol lent over $8 billion to clients per the company’s data.
After the recent withdrawal freeze, Coinbase, BlockFi, and Crypto.com have also announced job cuts. The happenings across the crypto-verse have added to the bearish waves in the market. Reportedly, Celsius has hired banking giant Citigroup, law firm Akin Gump Strauss Hauer & Feld, and management consultants from Alvarez & Marsal to explore potential financing options.
On June 28, Celsius’ management looked to avoid bankruptcy, regardless of advisers and lawyers recommending filing for Chapter 11 bankruptcy. A liquidity crisis has plagued the protocol for weeks as numerous rumors have surfaced around the network, of late.
Notably, crypto Twitter has been left bewildered by the Celsius Network continuing to pay weekly rewards despite pausing withdrawals two weeks ago. Apart from the short-term implications of the recent Celsius conundrum the overall trust in the network has also been affected.
Furthermore, Celsius’s position in the market can severely affect the crypto-verse. Celsius is one of the largest lenders in the industry, and if they start liquidating the same could lead to negative market momentum alongside bearish social sentiment.
Some participants and analysts have already speculated that the most recent declines and the rangebound market momentum could partly be because of the company selling.
For now, the larger market’s bearish momentum has added to Celsius’s tragedy, and it remains to be seen where the project would go from here.
CELUSDT trade ideas
1000 Degrees CelsiusHello friends. It looks like our last idea for celsius was taken down due to an angry bag holder reporting it. So here is another idea wich the bag holders will kind of like, but it's also tough love. Celcius won't hit $100, but it will be very likely *to* hit around $2, which is a good target to both take profit on longs, and to enter fresh shorts.
The reason why Scam Coins almost always have a substantial sweep of the highs is basic Wyckoff Theory; Liquidity is needed in order to generate profit for the large players who put together this market. They can easily steal a lot of liquidity from silly retail traders by sending prices above or below an "important" level.
This happened with AXS, it happened with GMT, it happened with YGG, it even happened with BTC. Check the charts, you will see it if you look! A "key level" of "resistance" sweeps, and then prices instantly start tanking like a brick. It's not by accident, it's by desgin.
Thanks for playing.
CEL Celsius is pausing all withdrawals, Swap and transfers Celsius Network announced today that is pausing all withdrawals, Swap, and transfers between accounts.
I know that it sounds unrealistic, but i think that staked cryptos could de-peg from the real price of the asset and worth less.
I don`t know if CEL, Celsius Network, will go to $0, but such pause in the system is warring me.
Looking forward to read your opinion about it.
CEL Bulls stuck in sideways zone despite bullish trendThe price of Celsius Network is stuck in a tight narrow range, which forces it to avoid investing for the time being.
The Celcius Network price action suggests the ascending triangle pattern in the higher time frame,
The 100-EMA has been standing as a strong resistance line for a long time and recently, the bulls managed to break above it but failed to stay above it. Hence, CEL price is trading below the 200 and 100 EMAs and the price is moving towards the 50 day moving average.
The RSI is about to reach the halfway mark (50 points) in terms of the daily price chart. The halfway line could possibly act as further support for the CEL price.
Thus, the Average Directional Index (ADX) is at 10-level and suggesting the extremely sideways momentum for the Celsius network.
Celsius Network price action suggests a bullish trend on the higher time frame; On the slip side, the price seems to be weak on the hourly chart. There will be no directional spike as long as the price continues sideways.
Resistance level- $4.5 and $6.0
Support level- $2.7 and $2.0
Time To Hold CELLike, comment and subscribe to boost your Crypto Investment!
**Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
CEL, Will have a good pump in future?I think that CELUSDT is good for long position. see the RSI divergence channel...
Falling channel pattern in Celsius* Celsius is moving within the 2 major trend line forming a Falling channel pattern, with upper trend-line as it's resistance defending the series of lower-highs ( LH ) and lower trend-line supporting the series of lower lows ( LL ).
* It is now in a consolidation near it's major resistance and a neckline ( support ) around $5.700.
* If it breaks the neckline of $5.700 we can expect a drop till $5.200.
* In order to move in a bullish direction Celsius needs to break the upper trend-line.
CEL | Celsius Price Prediction Analysis By Japan Crypto MastersCelsius (CEL) is an all-in-one banking and financial services platform for cryptocurrency users.
CELUSDTHello to you all. Mars Signals team wishes you high profits at all times.
The price has been able to get out of its triangle channel and start moving upwards. At the moment, it does not have the necessary energy to climb. We wait for it to stabilize above the line, then we enter the trade for the above goals. If the price enters the triangle, we also saw the support area.
Warning: This is just a suggestion to you and we do not guarantee profits.
Wish you luck!
