Simple. RSI daily is rising since June.
MACD as well
Three ascending lines were valid since July, the yellow ascending line was tested, then the red.. then the most aggressive one that seems to be valid now: the purple line. That ascending line has been respected yesterday during the mini-dip. Price has bounced off it and indicators have shown bullish divergence on smaller time frames.
People are burnt from the bear market, however the signs are here. HLs for a quite a while now.
The red and purple lines seems to be forming a symmetrical triangle with an apex around the 13th of Nov. However, I doubt the breakout will wait that long. The breakout could probably be sparked by XRP, which seems to be the pumpstart leader this year.
Sentiment is still down, but look at the signs. Zoom out and look:
- Zoom out to Monthly....there is a nice and clear reversal candle that will be closing in 36 hours
- Zoom out to weekly - MACD bullish crossover occured a few weeks ago.
ZOOM OUT.
MACD as well
Three ascending lines were valid since July, the yellow ascending line was tested, then the red.. then the most aggressive one that seems to be valid now: the purple line. That ascending line has been respected yesterday during the mini-dip. Price has bounced off it and indicators have shown bullish divergence on smaller time frames.
People are burnt from the bear market, however the signs are here. HLs for a quite a while now.
The red and purple lines seems to be forming a symmetrical triangle with an apex around the 13th of Nov. However, I doubt the breakout will wait that long. The breakout could probably be sparked by XRP, which seems to be the pumpstart leader this year.
Sentiment is still down, but look at the signs. Zoom out and look:
- Zoom out to Monthly....there is a nice and clear reversal candle that will be closing in 36 hours
- Zoom out to weekly - MACD bullish crossover occured a few weeks ago.
ZOOM OUT.
Comment:
daily chart is printing a reversal candle now. I believe tomorrow should be a green day (start of a bounce)
Comment:
Purple line seems to be invalidated now. Price is currently touching the red one. if price goes through red.. I think its going to retest the yellow ascending line around 6K. I think this is unlikely.