Are things becoming clearer?
Updated
XLM has been making some bullish moves for the past 8 days, broken out a few times, made some nice cascades down and in general made lots of people money! That being said, it has yet to really blast off despite the bullish efforts and momentum, and seems to still follow the movements of BTC despite all other indicators and metrics. What I did notice though, is that there could be 1 of two patters we are witnessing unfold: The blue and the maroon.
In the blue pattern we see an ascending triangle that will go on into next month, and the Maroon one is a symmetrical triangle formation, both bullish, both triangles, both would make Pythagoras proud! In either instance it seems crypto hasn't peaks from this recent rally! I will say however, that the long term is going to be a bearish correction that may very well last a month or two after we hit whatever the "peak" is. It will likely be driven by BTC descending prices down to the 20k or even lower ranges. I would be prepared to stay 50/50 fiat/coin during those months or weeks! Then again, I could be wrong and the surges of selling BTC gives us the LONG awaited Alt Coin rally where we see everything take off to x10 - x50+ values!
What do you think?
*SIDE NOTE* I think GME may very quickly turn into a long position with the improvements made to their business model, the continuous hype, and the pending short squeeze, which contrary to the medias best efforts is still on it's way. To that end the other #MemeStonks should rally nicely as well during that time. Finally, NNAKD seems to get pump and dumped on a regular basis... if you have money to spare buy some and set it to a factor of 10, 70, and 100 above its current price!
In the blue pattern we see an ascending triangle that will go on into next month, and the Maroon one is a symmetrical triangle formation, both bullish, both triangles, both would make Pythagoras proud! In either instance it seems crypto hasn't peaks from this recent rally! I will say however, that the long term is going to be a bearish correction that may very well last a month or two after we hit whatever the "peak" is. It will likely be driven by BTC descending prices down to the 20k or even lower ranges. I would be prepared to stay 50/50 fiat/coin during those months or weeks! Then again, I could be wrong and the surges of selling BTC gives us the LONG awaited Alt Coin rally where we see everything take off to x10 - x50+ values!
What do you think?
*SIDE NOTE* I think GME may very quickly turn into a long position with the improvements made to their business model, the continuous hype, and the pending short squeeze, which contrary to the medias best efforts is still on it's way. To that end the other #MemeStonks should rally nicely as well during that time. Finally, NNAKD seems to get pump and dumped on a regular basis... if you have money to spare buy some and set it to a factor of 10, 70, and 100 above its current price!
Note
2/7/21 Confirmed breakout from the maroon pattern but still not enough momentum to carry us to the blue pattern. I think this is turning into an ascending channel which, unfortunately, can go either direction as it nears the peak, or in this case the top of the blue triangle! Stay tuned! I would recommend a few sells at the .41 - .42 mark and buying back in at .37, one way or the other those prices will get hit in that order!
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.