I´ll keep this short but sweet, if you want full explanation on why I think we are ready for a big rally visit my Twitter, where I shit post a couple of times per day.
With that being said, key points: 1. underlying market dynamics - sentiment is universally bearish, everyone and their pet goldfish wants to short this thing, what does the market do? Well, usually it wipes them out of course - bitmex funding is negative, shorts are paying to hold their positions while PA is going sideways to up - from an economic standpoint this is irrational and will sooner or later result in shorts covering their positions
2. price action - we are moving inside a descending channel, which is a bullish structure that typically breaks to the upside - daily stochs are about to cross up and, more importantly, likely break the trendline - my moving averages are in a bullish posturing - there is plenty of reasons on why I think this is going up but, like I said, if you want more just visit my Twitter, I only do the basics here since I´m a lazy bum
Price targets? - I feel very strongly that we will test at least the 200MA (55% probability) - a measured move of the descending triangle puts us at 11.3k-ish region (30% probability) - the third target is actually mind-blowing and while TA shows a way to reach it I give it a very low probability and won´t mention it just yet
Do remember though, overall we are in a downtrend and every pump is by default a "sell the rally" until proven otherwise.