The key areas of support and resistance, marked with fib levels, EMA's, and trend lines, should help to determine continuance on the current bullish trend or invalidation.
Under the 200 EMA monthly and the 50 EMA for the first time in USDT.D history. Will Tether dominance break the long standing, macro trend support? If it does we should be looking for the next big support to be the 100 mo. EMA, If it were to break that level then will reassess situation and prepare for possible hyper-inflation.
I have marked this with an arrow to show where, in my opinion, that we are in this current rally compared to the 2019 rally. Note the Fibonacci placement and level correlation similarities.
Bear market rallies in bot 2015 and 2019 both recovered 70% of losses before revisiting lows prior to bull runs. Considering the duration of the current rally and continuing resets of the RSI on lower time frames, I think history tells us we can expect a repeat of these previous rallies to front run the recessionary pull back of the other indices.A 70% recovery...
If Bitcoin manages to break the long standing trend, the fibonacci gives it possibilities of 42. However, note that market makers may skip the limit orders shorts off of the TA and max RSI could come anywhere in between so best to put limit orders under the price action as it advances and make sure the RSI is overcooked.
The BTC short liquidation move to just over 36 hit the former support trend of the previous bull stemming off of the covid low which flipped as resistance August of last year. It has been a critical point of rejection on 3 separate occasions over the last year. Any move above to finally max RSI on the weekly time frame may go to the 786 fib and land somewhere in...
USDT.D is at a decisive level and possibly looking to break out, We've been respecting this consolidation wedge for the last year as well as the channel within. 30 and 50 EMA's on the daily shown and the 4 hr TF are still pushing upward and will be acting as potential support levels that may push us over the top of the long standing consolidation. However, daily...
A lot of people do not have these EMA's on their charts though they are possibly the most important of the whole cycle. Easy to see price action is respecting both. Technically, I wouldn't consider a bull in effect without clean break over both.
