The MA Ribbon Points To A New Crypto Bull Run
This is a short and simple post. On the left is the current weekly chart for the total cryptocurrency market valuation in billions. Support and resistance levels are given, with $230B being the most important level, in my opinion. You can see why if you zoom out. If you look closely, you can see that we just had a DOUBLE bullish cross. What does this mean? Both the 50 and 9 week MA's just crossed above the 100, resulting in the perfect alignment to support parabolic movement. On the right, you can see how the MA ribbon perfectly supported the previous bull market.
The last time these weekly moving averages were aligned in this way (200, 100, 50, 9 from the bottom up) was before the bearish cross in June 2018. The last time these moving averages TRANSITIONED into this alignment was in May, 2016. This fits with my current view on where we are in the market cycle.
Although we can bounce around for a bit before moving up, this alignment is an extremely bullish signal, not to mention the weekly MACD just flipped green. For my perspective to become bearish, we would need a sustained breakdown back below that important 230B level. Anything above there is fair game for the bulls, in my opinion.
This is not financial advice. I just wanted to share something that I thought was interesting. I mentioned it in my most recent analysis, but this post is ONLY about this particular observation. This is meant for speculation, education, and entertainment only.
-Victor Cobra
The last time these weekly moving averages were aligned in this way (200, 100, 50, 9 from the bottom up) was before the bearish cross in June 2018. The last time these moving averages TRANSITIONED into this alignment was in May, 2016. This fits with my current view on where we are in the market cycle.
Although we can bounce around for a bit before moving up, this alignment is an extremely bullish signal, not to mention the weekly MACD just flipped green. For my perspective to become bearish, we would need a sustained breakdown back below that important 230B level. Anything above there is fair game for the bulls, in my opinion.
This is not financial advice. I just wanted to share something that I thought was interesting. I mentioned it in my most recent analysis, but this post is ONLY about this particular observation. This is meant for speculation, education, and entertainment only.
-Victor Cobra
Comment:
Wow, already surpassing the next major resistance at $270B. I'd watch out for a potential shakeout, but bulls are very strong well above $230B.
Comment:
Important moving average resistance for alts right here. Bulls want a weekly close above here.
