For a rally that celebrates that the bear market is over, I expect it to go much further. Both BTC and ETH will probably close to double compared to their rally-starting point (BTC: 4200 x 2 = 8400; ETH: 140 x 2 = 280) before we see another wave down.
If you think we'll see a correction any time soon, think again. Who would have to be providing the required selling pressure for such correction?
- The bulls that just made tons of money, are nowhere near getting squeezed out of their positions and if any thing have more cash than before to take even more long positions?
- Or the bears that are out of funds or are about to getting squeezed even further?
And then I'm not even considering the fact that crypto will be all over the news pretty soon now, pulling in more fresh long money.
We might see some small retraces and/or brief sideway actions on the way up (mostly fuelled by opportunistic day traders that draw too many lines on their graphs, but they'll change direction as soon as they find out things aren't working), but rest assured this rally is far from over.
Also, some seem very convinced the 21 monthly can't be broken upon the first attempt. But then just remember this: the last time we broke that resistance in the 2015 bear market, a 60%+ additional rally ensued on top of what we already had.