PANews reported on November 2nd that Mark Newton, an analyst at Tom Lee's fund, tweeted that many people are trying to use common technical indicators to argue that cryptocurrencies have peaked. He personally disagrees with this view for the following reasons:
1) The Elliott Wave structure does not show any signs of topping out.
2) The monthly DeMark signal has not yet appeared.
3) The weakening momentum caused by sideways consolidation will always cause the MACD indicator to turn negative. However, in this case, since there is no wave indicator to confirm the sharp five-wave decline from the high point, the turning of the MACD indicator to negative is not decisive.
4) The medium-term trend has not yet been broken (highs and lows have been rising since 2022).
5) Current market sentiment is far from reaching the levels that typically signal a substantial peak in the crypto market.
