OCEAN/BTC possible inverse head and shoulders
Just wanted to share some thoughts on what I see forming with Ocean. Full disclosure this is one of my main bags and has huge potential IMO. I typically don't like to chart on lower time frames but it's useful in determining reversal patterns.
1. As you can see on the chart a possible right shoulder is forming. Next couple of days will confirm or reject.
2. Currently at resistance below the cloud, if a break into the cloud and further breakout at the top of the cloud will confirm the right shoulder. Cloud is at an inflection point where a flip green or rejection could occur.
3. MACD has had a bullish cross. Unknown whether it will hold
4. RSI looks to be climbing.
We really won't see a lot of strength until BTC.D falls more. This IMO could happen anytime now. What most need to realize about BTC.D is during the last bull run it continued to fall during it's climb to ATH. Also Alts are important for Bitcoin's run as well. It's a mutually beneficial relationship. Returns earned on BTC are flowed into Alts and returns made on Alts are returned to BTC and the cycle continues, therefore a continuous loop. IMO that's why such exponential growth was seen at the very end of the last run. We've only had one major cycle of a large amount of new capital being injected into the crypto market during this run since July. Things will get really interesting after the next few injections. We are just getting started....
1. As you can see on the chart a possible right shoulder is forming. Next couple of days will confirm or reject.
2. Currently at resistance below the cloud, if a break into the cloud and further breakout at the top of the cloud will confirm the right shoulder. Cloud is at an inflection point where a flip green or rejection could occur.
3. MACD has had a bullish cross. Unknown whether it will hold
4. RSI looks to be climbing.
We really won't see a lot of strength until BTC.D falls more. This IMO could happen anytime now. What most need to realize about BTC.D is during the last bull run it continued to fall during it's climb to ATH. Also Alts are important for Bitcoin's run as well. It's a mutually beneficial relationship. Returns earned on BTC are flowed into Alts and returns made on Alts are returned to BTC and the cycle continues, therefore a continuous loop. IMO that's why such exponential growth was seen at the very end of the last run. We've only had one major cycle of a large amount of new capital being injected into the crypto market during this run since July. Things will get really interesting after the next few injections. We are just getting started....