On the above 3-day chart price action has corrected 96% since the awesome sell signal back in March 2021 (not shown). Now is an excellent moment to be long. Why?
1) A break out from price action and RSI resistance as price action falls on historical support.
2) Multiple oscillators printing bullish divergence over a 7 week period. Amazing.
3) The target is $8. Some of you know why some of you don’t.
4) Unlike many projects around this market capital size (56M) it is fantastic to see circulating supply matched by the total.
Is it possible price action falls further? Sure. Is it probable? No.
Support under 45 cents held very nicely. Textbook 90% flush out.
Trade active
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Following the flush out of weak hands price action is free to fly. A number of tokens over the last 48hrs saw weak hand flush outs, at least 20 by my count.
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Past resistance confirms support.
Trade active
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** target update **, now $12 not $8
Price action exited the wedge earlier than expected, this increases the cycle top target.
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2nd target update, now until $30.
This is a 3 week chart below with confirmed bull flag breakout. No doubt there shall be 30-40% corrections on the way up, plan for it.
Yearly candle is pretty ugly, like most of crypto, do you really think it will test the candle open of last year in the next 1-2 years? I do agree it looks nice on pretty much every timeframe from a day to month, so thanks for the heads up!
without_worries
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@reveance, Can you share this chart with this candle? The data on this scale seems hard to find.
reveance
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@without_worries, Of course, for BNT I was referring to; For BTC: Interestingly the alt mcap does not have the same engulfing;
@reveance, aside from BNT it seems your charts present an argument for alt market performance over BTC. This is something I've been expecting for some time as BTC dominance falls. I do expect a significant shift in dominance in the months ahead.
reveance
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@without_worries, That is quite interesting, especially coupled with how the btc '21 top looks much more distributive in nature than any previous btc top. Maybe alts season / distribution on a larger timeframe next then, when btc does a proper relief rally? :p
without_worries
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@reveance, I think we have a market melt-up period per the 120k idea and then a crash across all markets. What causes that? I don't know but the FED started it.
reveance
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@without_worries, Interesting point, I haven't made up my mind yet, just worrying about the lack of strength I see in Bitcoin still ... and that engulfing is quite an ugly one tbh
without_worries
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@reveance, Then your decision is easy. Do not have exposure. Feel good about your decision. No worries. Why do you feel you need exposure in something that makes you this worried?
This is the weekly chart. Have never had a false signal. Price action is more or less where it was months ago were it not for the FTX debacle.
reveance
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@without_worries, You're absolutely right, worrying might have been a poor choice of words on my part :p but yeah, definitely wouldn't be confident being in a reasonable position at this point in time (taking into account current price action and the look of the 6M/yearly). But it's (also looking at your chart) a hard thing to accept seeing where we are in the charts right now, so i'm having a bit of a hard time deciding whether the risk/reward makes it worth it, taking everything into account