Will we continue to see sideways/down or another test (and potential break) of ATHs? Personally, I think either way we find ourselves around middle of the Q4 2020 trend line. Not financial advice, mostly posting for later reference.
This not to be taken as financial advice as I attempt to lay out what I personally see as the "best possible" scenario for an Algorand bull in 2021. I have it topping out late in the year around $5 before a descent back to the $2s. Now, there are so many bullish catalysts for Algorand right now but there is also the possibility for extremely bearish catalysts...
Everything is lining up for Waitr to have a nice parabolic run here and my last post has played out very well to this point. Few heavy resistance zones but if successfully breached, the skies are pretty clear above until potential double digits. I expect a cleverly timed PR or two to help facilitate that. We'll see.
It almost pains me to even say this without feeling moonboi-ish but the chart is the chart. If Doge has another one of these runs (I took the average of both previous), we're looking at $3 Doge this summer. Now, do I think we will see $3 Doge this summer? Personally, no, but I would have said that 100x over the last year about any price greater than a few cents....
As we're all hanging here in limbo, we may be working in the range of this charted falling wedge pattern. In my opinion, a breakout of the wedge takes BTC to either test 50k or to test previous 2017 cycle ATHs ~20k. I won't rule out a fakeout right here at all considering we've had multiple fakeouts to the upside to trap leveraged traders but staying neutral.
Lots of bearishness around here right now (for good reason) so I wanted to draw a picture of MC Hammer holding down the strong support at 32k, where he and many others have built large BTC positions. Can the sellers break MC Hammer and "touch this"?
Coinbase seems to have found its bottom alongside BTC -- that said, I don't expect many sudden moves up as there will be lots of resistance on the way up and I doubt the consensus turns bullish before Q2 ER. Then begins the real rally.
These are obviously just my opinions so take them with a heavy dose of skepticism :)
BTC looks like it may be setting up an inverse head and shoulders pattern. If that scenario plays out, I would actually expect the monthly candle to close above the mid point of the log curve with bullish continuation. Now, this feels like a very optimistic scenario, but we can't count it out yet.
Will we see the headfake of the decade play out or will we continue down to bottom around 2017 highs? Stay tuned!
Close above yellow to potentially continue upward or above green for me to feel very bullish again.
36-38k seems to looks like a good price for a lot of large buyers. I think we could continue to see some long wicks down but if you're looking for an entry point and are truly long, you should be in good company. Just my thoughts. Perhaps we see more downside in the near term but I have gone long in the green zone. Good luck all.
This point in time feels oddly familiar. It may be very optimistic, but it would have seemed as such in the 2017 cycle as well. If BTC doesn't recover extremely strong this candle, I expect a verrry slow walk back to 30k.