The whales often work together with major global powers such as the US president to create FUD at the perfect time to fill their limit buy orders with retail stop losses. We can see very very clearly on the chart that a spring is being printed which looks really bad right now but looking back will just be a blip of red in a sea of green. They ARE trying to steal your positions. Don't let them!
This also has confluence with our analysis of Ethereum since we think that it will increase substantially. That idea is linked.
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Update. We are currently testing the very very important line. We want everyone to be on high alert because if price can reject this line then the analysis is no longer valid. But if it can break and stay above, then alts should go up much more.
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Ouch! A 4 hour candle closed below. Not looking great!
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Still showing some weakness here. That wick is not pretty.
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hooray it is above the level. lets hope it holds.
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Let's see if the final resistance breaks! Don't be surprised if it consolidates here for a few days first though.
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After having consolidated for a while as we previously predicted, it looks very ready to start going parabolic in the coming days.
@yasarhayat987, we really don't have a long enough price history to make a significant inference from the month RSI in our opinion. However, if we were to make any assumptions from them the assumptions would tend to be bullish because last time that we came up to this high monthly RSI 14 level we stayed there for about 600 days and there is the potential but of course not the guarantee that that will also happen here. We can see that despite the RSI having been at 99.90 for several months the market cap moved much higher. This idea is also more short-term than the monthly chart.
We think that perhaps this RSI can follow a path similar to the orange line if it decided to repeat the last cycle.
yasarhayat987
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@bowtrix, yes sir, I just compared it with 2017. it makes sense. tysm
AdrianLogo
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Agree, I didn't sell anything, hold for big gains. We are just at the beginning of the super cycle.
Oyik
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Thanks sir bow!
bstew76
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So this means that you think the bottom is in?
bowtrix
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@bstew76, most likely this is the bottom or it can dip a little lower no need to predict exactly. Overall structure looks great either way.