So let's start with the similarities of these two charts.. After the end of the bear market of 2015 we see on the BLX chart that BTC also had a parabolic run similar to the one we are currently having . We notice on the BLX chart that between AUG 19 2015- NOV 4 2015 that the EMAs crossed up and over the 200 EMA and we started going parabolic shortly after, just like currently on my Binance chart. The MACD and RSI were also extended on the BLX chart before the blow off bear wick candle that ended the rally, just like our indicators currently look. Though our RSI has currently cooled off we could resume towards 90 again similar to how the RSI reacted on the BLX chart before the break down on NOV 4 2015.
Now for some positive contrast... on NOV 4 2015, we saw a candle that showed us that a major pull back was eminent because of the bear wick. You could tell at that time that the sentiment was changing, people saw that we had made a higher high and that people obviously were taking profits, not buying up the pull back as if they were no longer bullish in general. It makes me think that currently we still have room to grow because you can see that in the last couple days the market is buying up the dips creating bull wicks like the 17th of May 2019.
Currently candles have been finding support upon the 21 EMA , we have our lower EMAs crossed up and over the 200EMA. The dips are being bought up creating bull wicks, we are creating what seems to look like a ascending triangle pattern ( bullish ). The RSI has cooled off a little giving us a chance for another solid run upward, and the MACD does not look as if it wants to cross under the signal on the 1D Binance chart. Basically we look very bullish even though we have started to run up parabolic.
Based off my analysis I see that we could hit the 10k area because it is the next major resistance, which we can find by looking left on the chart. I also caution everyone that in my opinion we would see a candle similar to the one on NOV 4 2015 soon, because we generally get some type of warning before a major pull back especially when we are moving up parabolic style.
This is not financial advice just my opinion and observations on the market. -AZTEC-
Now for some positive contrast... on NOV 4 2015, we saw a candle that showed us that a major pull back was eminent because of the bear wick. You could tell at that time that the sentiment was changing, people saw that we had made a higher high and that people obviously were taking profits, not buying up the pull back as if they were no longer bullish in general. It makes me think that currently we still have room to grow because you can see that in the last couple days the market is buying up the dips creating bull wicks like the 17th of May 2019.
Currently candles have been finding support upon the 21 EMA , we have our lower EMAs crossed up and over the 200EMA. The dips are being bought up creating bull wicks, we are creating what seems to look like a ascending triangle pattern ( bullish ). The RSI has cooled off a little giving us a chance for another solid run upward, and the MACD does not look as if it wants to cross under the signal on the 1D Binance chart. Basically we look very bullish even though we have started to run up parabolic.
Based off my analysis I see that we could hit the 10k area because it is the next major resistance, which we can find by looking left on the chart. I also caution everyone that in my opinion we would see a candle similar to the one on NOV 4 2015 soon, because we generally get some type of warning before a major pull back especially when we are moving up parabolic style.
This is not financial advice just my opinion and observations on the market. -AZTEC-
Trade closed: target reached:
Went to 14k great call made here.