The crypto market is on fire, at least that is what it feels like to new investors. The truth is, this is just another day in crypto-mania. Currently, the signs show that we will shake out most of the past two weeks' gains during the over-extension on the daily timeframe.
While shaking out the fear we will probably see Bitcoin drop towards a more reasonable value...
As usual in a bull market, the swings are becoming more volatile. this is a good moment to sell on the retracements of the Fibonacci Sequence and buy back in around the 50 EMA, which points to 0.5 on the FIB.
If we have to believe the Fibonacci sequence we can see that since the lowest point on the 15-minute timeframe we have started making higher lows. Together with a stagnating MACD, and a slightly overbought RSI we may be preparing for our next leg-up in this altcoin cycle.
Take a look at this chart on the 30 minute. We can see Chainlink clearly bouncing off the 0.236 staying at the upper band towards 0.382. In conjunction with the MACD at the bottom which shows a trend reversal before confirmation, this might be a great moment to get in on the action.
What you want to keep in mind is the 50MA crossing the 200MA, which would signal...
To share with our investor community and to have a quick check of when to get in, fair value when the world is back to normal is much higher than the fair value that is realistic right now. Expecting the price to drop between $3 and $4 which would be a great buy-in in the long-term.
People in our community are keeping checks on XLM and want to know what's likely to happen in the foreseeable future. My take is that the pennant shows quite weak support on the uptrend and is more likely to break below within the next 2-8 hours. If it does close below somewhere on the 5 and 15-minute timeframe it's recommended to short.
Momentum is picking up, the volume is slightly increasing, MACD is turning bullish. Is this going to be the moment to break the all-time high and start our altcoin season? If not now, then when? If we break down the up going trendline we may actually face a bearish market for a bit before we retest the all-time high again. Let's see where this goes.
Dot tends to move silently when $BTC and $ETH are on the move, but just like $LINK, he likes to jump up the moment those slow down. After stepping up twice and completely accumulating it seems we might be setting up for another step on the Fibonacci staircase. Target is around $26.
If XRP wants another run up it needs to hold the diagonal trendline up and confirm the price by closing above $0.47407 on the 5-minute timeframe. Make sure to read up on confirming price actions, breaking the trendline is not confirming the break yet, it could simply be a fake-out.
Ethereum and most of its high profile tokens seem to be getting ready to make a move to the upside. Over the past 6 months every time, the RSI hit 57.5 Ethereum made a substantial move up. At its current velocity, this will happen somewhere before the 4th of February.
Now, like any starting bull cycle, we may go sideways or move down instead, however it seems...
Seems like we are about to break our upper wedge right on New Year's Eve. My take is that we can expect a small pullback, but if Bitcoin keeps stable that pullback may very well result in one of the strongest bulls of Ethereum we have seen so far. Not much to do here but to grab your popcorn and see what happens.