Going into 2021, we have seen a parabolic rally with unstoppable momentum, from 4k all the way to 64k , without any noticeable, if any, price reduction or stops along the way.
if history has proven something, it is that for every action there is a reaction. As shown on the chart the parabolic advance curve is broken "plus a retest/rejection to boot". In the last 3 instances, followed a major correction as shown on the chart. with an average duration of a 1 year for the bear trend and minimal decline of more than 80% from ATH .
The purple channel is the current channel price is currently comfortably swimming inside, while the yellow channel represents the future channel i expect the price to move inside.
Why do i assume price will switch channels? we only have the history for the answer, as represented by the brush and the arrow, The slope of advance has gotten weaker with each parabolic curve bypass. Think of the brush as a channel, and the picture becomes clear i left the purple channel shown, as it contains a bull trend line , where you can expect a bounce and a long setup
Notable Strong areas to expect a bounce from: = 27k area "Fib golden zone of the whole wave 3" = Purple channel upper trend = 14k "The close of the monthly candle of the 2017 ATH"
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As we can see on the daily, RSI is breaking out + Price broke out from trend We can consider the bear scenario is over till further data is provided Corn will likely now retest 47k
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So far, RSI trend breaking is a fake-out here is a zoom in
a very bad signal in a bull trend
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RSI trend breakout played out nicely, what an amazing 2 weeks it been
So far corn is @50 fib, along with the golden zone, is where algos start selling. that is why above the golden zone 51k, this whole idea of corn to very low levels is cancelled
with a bearish Hidden div on the daily Rsi, Bitcoin not only need to push hard to target a new ATH, it needs to do it with Big candles to cancel out the bear div. Very Hard, not impossible
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Sellers have proved that now they are now and still in corn 14k is still in play With price trading below 21 ema as of this week, very bearish signs Very hopium market Lots will say "this time will be different"