Long

What's keeping us from correcting? Weekly Stochrsi support line.

the biggest way most people have been missing out during this bullrun is simply by taking profits expecting a correction thats long overdue but still doesn't come and they end up losing some of their btc positioning and fomoing in a few pips higher up. I think the main reason for this lack of correction is that momentum has been skimming the top of a super strong ascending trendline on the weekly stochrsi for most of this pump as seen here. As I've mentioned about this line in previous ideas it goes all the way back to 2016 and has held both crucial support and resistance several times from then to now. In fact, it looks like it could potentially keep the momentum in the 100 range possibly as long as the end of June before finally having no choice but to break below it. That would be phenomenal and give us still plenty of time to continue upward and test higher ranges like 8k,9k, maybe even 10k before a correction. My chart on the Total crypto market cap from back in February indicated that the whole market would triple to quadruple in value after breaking up out of a huge falling wedge pattern...we are nearing very close to being halfway there so it would no surprise me if somehow his run continues for another month with altcoins joining in with it to hoist the total market cap somewhere close to that breakout target. Of course we could also have the correction as soon as tomorrow too...either way, the easiest way to tell when the correction is about to happen will be when you see the weekly stochrsi finally fall below this strong ascending trendline and then solidify it as resistance. So I will watch it closely and hodl and buy dips until it does.

DrDovetail

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.

DrDovetail