Thanks to Eric Crown at Krown's crypto cave for pointing out this RMI+EMA control zone on monthly during last 2015. This is still appearing to be a healthy monthly and weekly consolidation.
You can see in 2015 we actually rose more (411%) than 2019 (349%) from the trough to peak of bear market recovery before the monthly RSI his the bullish control green zone and then retraced back towards the EMA.
In 2015 this pullback contracted 42% in the next two months while now if we contract 42% that would put us at $8k, right in between the $8500 major support (39% correction) and $7500 (46.7%) correction targets during this very HEALTHY consolidation of a parabolic move up.
I will be looking for long entries at $8500 as there is no reason it must go to retest the monthly low candle of $7443. IT SEEMS HARD TO FIND A REASON TO BELIEVE WE WILL SEE EVEN A WICK TO OR BELOW $7443.
This could all play out in a couple weeks as well and off to the races... this time could be very different in terms of time and volatility.
THIS IS NOT INVESTMENT ADVICE - DO YUOUR OWN RESEARCH AND TRADE ACCORDING TO YOUR INVESTMENT OBJECTIVES AND STYLE.
You can see in 2015 we actually rose more (411%) than 2019 (349%) from the trough to peak of bear market recovery before the monthly RSI his the bullish control green zone and then retraced back towards the EMA.
In 2015 this pullback contracted 42% in the next two months while now if we contract 42% that would put us at $8k, right in between the $8500 major support (39% correction) and $7500 (46.7%) correction targets during this very HEALTHY consolidation of a parabolic move up.
I will be looking for long entries at $8500 as there is no reason it must go to retest the monthly low candle of $7443. IT SEEMS HARD TO FIND A REASON TO BELIEVE WE WILL SEE EVEN A WICK TO OR BELOW $7443.
This could all play out in a couple weeks as well and off to the races... this time could be very different in terms of time and volatility.
THIS IS NOT INVESTMENT ADVICE - DO YUOUR OWN RESEARCH AND TRADE ACCORDING TO YOUR INVESTMENT OBJECTIVES AND STYLE.