Nice spot on the parallel to March peak. Looks like a double top pattern. It lends to the idea that the market (big institutions) knows what's up and trying to make as much profit off the FOMO crowd as possible before pulling the rug out.
I noticed on the MACD at the 1W timeframe that it is as high as it was in Jan 2018 (start of correction that dipped 600 pts, twice) and this past March. These are the 3 highest levels over the last decade. There is a lot of momentum that needs to blow off and that only leads to one thing. I full expect a large correction that has one or two "bull traps" (buy the dip) over the coming weeks/months on the way down to/past the March low.
ProfitHarvest
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@Dr_Roboto, word, that’s where the data is pointing
I noticed on the MACD at the 1W timeframe that it is as high as it was in Jan 2018 (start of correction that dipped 600 pts, twice) and this past March. These are the 3 highest levels over the last decade. There is a lot of momentum that needs to blow off and that only leads to one thing. I full expect a large correction that has one or two "bull traps" (buy the dip) over the coming weeks/months on the way down to/past the March low.