Crypto market on the verge of a turnaround
Many of you are no doubt stressed wondering when the selling is going to stop. An end may be in sight. The chart presents the total crypto market, amongst which a few interesting signals have appeared. The most obvious is just how oversold and weak the market is shown to be on the RSI & Stochastic indicators. The largest candle to date since the selling started has made an appearance on the 5th downward wave. This, given the oversold status, as indicated on this 3-day chart provides us with a strong bottoming candle.
Trade active
Some good news... divergence of market capital versus RSI is now clearly indicated. The market capital is about to explode upward. I don't know where the money is going, just in. Additionally, the volume is extreme. Not since November of last year have we seen such extreme consistent volume. Finally, on this 1-day chart we can see a double bottom has formed.Trade active
more detailTrade active
Life cross! Not the strongest, but it comes after a technical double bottom on the 200 week moving average. We might retest, but it is very unlikely now we'll see the market fall below $100 billion mark.Trade active
A short correction should now be expected at 180b back to 140b. This correction will mark the last correction before the next bull market IMO and more importantly the last buying opportunity!Trade active
Still waiting on correction,,, we're now testing the 50 day moving average with 5 points of strong resistance. The changes we break through it without retesting the trend line are slim to none.Trade active
RSI high 80's, Stochastic overbought, money flow exhausted - some whale somewhere has their finger on the button ready to take out the new money.Trade closed: target reached
We're very very close now to testing an important resistance level. Somewhere between $290-300b. If we're rejected the market capital could dump all the way under 200b without much effort. Be careful.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.