After watching endlessly 5 minutes, 1 hour, 4 hour and that barely move, it is hard to not give in to a slight sense of fear and uncertainty and question all the motives that brought you to this asset. The fear intensifies as we watch all the experts, YouTubers and analysts that do not really think twice before speculating with doom and gloom scenarios and will draw Fib Circles of death and capitulation that point straight to the crypto abyss.
(To be fair, I love that "Fib Circles of Death" guy... he is a crapy analyst and chartist but maan he has a talent and vision of an artist - Check his latest work for sure, it is beautiful... print it, frame it and hang it in your office).
Back to the business - Despite all the speculations and probably the thousandth FIB circle of capitulation averted, we have to look at higher timeframes and see that probably the first time in a while we see the full long-term momentum developing, here are why:
1. We have an incredible line up of all the momentum oscillators, pretty much everything above daily is pointing up and shows the true potential of the tend.
2. Monthly and has finally moved to the control zone and is predicting the great future for next year to come. This is a very rare occurrence, which happens once every 2 years and is usual prerequisite of the new bull market.
3. Weekly indicators and Neural network-based momentum combi crystal ball oscillator on weekly also shows the return of the green forces to the market.
4. EMAs are diverging from each other in an orderly and beautiful fashion; in a fashion, that you'd expect to be common for trending markets.
Some additional observations from my side:
- Weekly 21 is now trailing at 8900 and most likely will continue to go up as the time passes and we shuffle in between pre-established support-resistance lines, drawing longer and longer triangles every week.
- At this point, I really, really don't see any way of price dropping below 9400 level. Well, there is always a possibility of USDT going bust or some other black swan event occurring.
- Wet dreams of gap believers most likely will not come true, unless the "Fib Circles of Death" guy turns out to be right all along and BTC will capitulate over and over again like a porn star on Sibian at Howard Stern's show.
Hope you appreciate my rather humorous tone of this post. If I have offended anybody, I simply don't care, yet I encourage you to express your anger in the comment section below.
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Have a great trading and profitable week!