A relief rally for ALTS is incoming!
I believe there is a relief rally (at least) for ALTS incoming against BTC.
Reasons:
1. Potential bearish Swing Failure Pattern on Weekly chart (wait till candle closure below 72.35 today before entering!).
2. Bearish RSI divergence on Daily chart and a little one visible on the Weekly.
3. RSI is extremely oversold on the Weekly. We have never been so high and sooner or later there should be a bounce for ALTs. I think the time has come!
Major price points:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. Please use due diligence with your investments.
Reasons:
1. Potential bearish Swing Failure Pattern on Weekly chart (wait till candle closure below 72.35 today before entering!).
2. Bearish RSI divergence on Daily chart and a little one visible on the Weekly.
3. RSI is extremely oversold on the Weekly. We have never been so high and sooner or later there should be a bounce for ALTs. I think the time has come!
Major price points:
- 72.35 - Major resistance on Weekly
- 67.16 - First major support. We might bounce there and might bleed a bit more in altcoin market while bitcoin is rallying towards 20k USD.
- 54.75 - Second major support. If 67.16 fails as support we are going to have at least a few green weeks in altcoins.
I do not provide personal investment advice and I am not a qualified licensed investment advisor. Please use due diligence with your investments.
Comment:
Not 72.35 but 72.54 as major resistance. Apologies for typing mistake.
