It is humorous to see so many on TradingView today. If you look back just a few days ago, everyone here was so sure that Bitcoin and Alts would capitulate while I was the only contrarian telling people otherwise. I certainly don't remember seeing any self-proclaimed "best of the best" authors posting any charts or analysis to help either. They just conveniently disappeared and occupied themselves with "other pressing matters" during the hard times. Now that the grass is green again, you see them popping up in the field like lilies after the rain.
The only worth notable traders who consistently post good analysis when the going gets rough are people like TomProTrader, MarcPMarkets and HamadaMark. These are the people who are worth following and not those who mysteriously reappear when the trend is obvious. To my followers who were ridiculed and insulted simply by supporting me, please just ignore the trolls and haters next time. They are not worth your time.
Alright, let's get on with the forecast. As you can see in the 4-hour chart, price is currently resting on the 30-day MA (red line) after breaching the . It appears to be slowly moving up to test the 10-day MA (blue line) . Before we jump into conclusion, let us evaluate the situation from a technical standpoint. looks and is slightly above 50 but could turn any time. is close but still not in the oversold region. Given all that, I think the correction may continue until price finds itself in the key . If it holds, we may see a continuation with an upside target of $650 - $670. On the other hand, a breach below it would upset the momentum. I think we are looking at a good risk/reward swing trade if you plan on starting one. ;)
That’s all for now. Happy trading!