December 14th - A most important day for the Alt-coin market.

750 days to the day the alt-coin market price action has been testing the above support & resistance trend line (blue line) not once, twice, thrice, four, not five nor six, but now seven times! On this seventh occasion resistance was broken through with a very convincing / solid 4-day candle.

The orange line is was previously resistance on June 6th 2018, when the downturn in the alt-coin market picked up speed. The same now can happen in reverse on support.

Why December 14th? This is the day a new candle is printed on the above 4-day chart. Which is oddly around the same time we can expect a test of RSI support. If, a big IF, the candle body closes above the resistance trend line, then we'll have fireworks. A wildly bullish move for the alt-coin market should be expected. If price action closes below (full body of candle) we should expect a 18% correction in price action.

48 hours to wait - enjoy ;-)

Comment:

Fantastic - the candle body closed above resistance. This same is also true for the weekly candle. This is very bullish going forward for the alt-coin market.

Comment:

You can see the body is of the recently closed 4-day candle is showing strong buying pressure within the ascending triangle. There is now a strong probability of a burst to the upside before the end of the month.

December 20th, 2016 the exact same thing happened, the alt-coin market almost doubled in size overnight.

Comment:

Amazing - history repeating. Just as Bitcoin has recovered to its previous all time high the alt-coin market now must double in size to achieve the same result.

Going to be an exciting few weeks!

Comment:

RSI resistance is breaks out with price action making higher highs. The orange line in the original idea was offering resistance, we can now see it acting as support. Additionally Stochastic RSI is rotating upward on the 4-day chart below. All good.

Comment:

What a way to close the month January. Past monthly resistance has become support as a full body monthly candle closes on past resistance. The next 2-3 months will be explosive for the alt-coin market.

Trade closed manually:

What an amazing start to the year. Couldn't have hoped for better.

Now a word of warning - You're probably right at this moment feeling the FOMO (Fear Of Missing Out), and desperate to take a position in this amazing ride up. Wait, be patient, let the market come to you.

RSI on the weekly chart below is at 96. In itself that would be something on the daily chart, on the weekly - that's a *warning* the market is heavily overbought. This is not the time to be adding to your positions, quite the opposite. Price action is currently a 30% drop from the 21-week moving average. Yes the average will climb with time, however the risk / reward with RSI at 96 is unacceptable.

If you're looking to take a position in the alt-coin market I recommend waiting until around mid-March.