In my previous post I mentioned technically my inverse head & shoulder target is 38k. I have been calling for this since march. Before we look at some alts I will just quote previous post for my TA.😃
as we finally broke the bear line in green, need to close weekly above to confirm, we can see a rally like in 2019 to fib lvl 0.5 or 0.618 like last cycle. That would be 42 and 48k, I don't see us going higher for this move. A retest of 30k would be expected after the rally, as we have a CME gap at 29.7k. The neckline at 25k and yellow 200 ema acted as great level of support. Invalidation is our previous swing low of 24.9k to reassess.
loss of local uptrend I would expect 30k to hitPrevious cycle I mentioned some alts in daily timeframe late in the cycle, this cycle I want to look for early reversals in higher timeframes. The higher the time frame, the more validity it has and the gains will probably be better.
Bullish divergence on weekly. And when RSI below 30 it was near the bottom. History shows that when it moves above the 50 midline, it goes bullish for 2 years or bearish for 2 years when it crosses below. This candle has not yet closed above, but It seems like we are going from bear to bull. The timeline is close, we may see a second bottom like the last cycle. At some point we should test 0,73 resistance as other alts have done. Next would be fib targets and a new ATH in the future?
For more confluence its on the long term trendline, and its always been proftiable to flip into Enjin when RSI below 30, and back to BTC when RSI above 70. And a breakout of the trendline in the RSI would be a sign for a potential reversal. (if u look at ada in both pairs you will se the same)
apply the same you see the sameA number of alts are starting to look good on the charts, breakout of 2 year downtrend with bullish divergence.. If btc will test 30k we might see a final dip EOY or Q1 as previous cycle and I will dca more. Expecting fluctuations of 30% and shake outs on the road. But they should see a rally after, just like SOL did, especially good coins, what do you think?😃
I hope you enjoyed reading and please leave a comment, shoud I share more ideas in the future? Any alts you are looking at?
Please do follow if you want to keep up with my next post. Any upvotes or reblogs are hugely appreciated!
Latest post, check out :
HIVE POWER UP DAY 1.nov #PUD and 10th #PUM done
Christopher
Kristiansand, Norway
Source: Photos are chart-screenshots by me from Tradingview.com
follow for our street art contest and blogs about travel, art, photo, crypto & gaming
