On the previous two market rallies price action, on the above weekly chart, was preceded by:
1) MFI Higher low
2) Stochastic RSI crosses up 20
Those event have just occurred again.
The crypto market total saw a minimum 160% increase in previous rallies from Stochastic RSI crossing up 20 and following cross down of 80. The target circled in orange follows the recent weekly close as Stochastic RSI crosses 20 with MFI printing a new higher low. This target is 120% away / 5trillion market cap.
Expecting a strong rejection from this target by early August (look left).
Good luck.
WW
Trade active
⋅
Absolutely nothing to see with regards to the events of today. The market total came down to the 21-week EMA and showed strong support. Of course we have to wait until May 24th to confirm this support.
This was a much needed healthy correction to flush out weak 🙌 - job done. If you're one of those that sold Bitcoin today at 29K; gladiator I salut you.
Look left, circled in orange during the 2017 bull run the market tested the 21-week EMA, consistently. This test was also confluent with RSI testing support at 55, as we're now doing.
Trade active
⋅
Price action for the total market capital lands on the 50-week EMA just as with previous bull markets following the breakout from resistance before continuing uptrend.
Going short on any crypto when testing the 50-week EMA, well look left - it has never been a wise idea!
You estimate 5T by end of 2021???
I think thats conservative as hell, but I dont disagree....
See this......
without_worries
⋅
@ezpi, Targets are not something I usually do unless I'm very confident, hence the 5t this time. Anything higher though I'm sure is possible but I'd not make public at this time.
JoshBobby
⋅
Historically this coming week should be great for BTC 🚀🚀🚀