A look at the weekly log chart; Props to Steve Courtney.
Steve Courtney noticed an excellent fractal between 2014-15s bear market and our current one on the log chart. As you can see indicated by the yellow circles...we have just recently broken above this descending blue resistance trendline and if you look at the fractal from 2014-15 you can see that back then we broke above it right around the same exact time we are breaking above it in this bear market...we also found resistance at the 50 weekly ma and were rejected back down to that blue line where it ultimately held support and bounced the price action back up again finally getting it above the weekly 50ma and then commencing an amazing bull market. I've been saying to watch the 50 weekly to see if we can close a candle above it and it would be a very important moving average to watch for a few weeks now and it now looks much like 2014 we will be closing well below it. if so anticipate price action will do what it did in 2014 which is dip all the way back to the weekly 200ma support line and likely find support on the descending blue trendline where it should bounce, form a higher low on the daily chart and then finally break above the weekly 50ma and flip it to support sparking our next bull run. So we may very well dip as low as 3.6k on this next correction and it is very wise to pay attention to the weekly 200ma and the descending blue trendline for support. Exciting times as it appears the bull market is very near...I also anticipate we may temporarily go into a death cross fake out to shake some weak hands before the full true golden cross can shine. If you like this chart search for Steve Courtney at Crypto Crew University and give him a follow...many of his calls have been spot on most of the bear market. /
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.