HBAR - Next Wave Up Is Here 🤑Its a funny game isn't it. I find the psychology almost as fascinating as the work.
BTC slumps and fear strikes. The bears cheer yet again BTC to 14K, 9K, or if you're Peter Schiff 0 😸.
But as we have been looking at - HBAR is an example of what happens in "risk-on markets;" the risky assets move first.
And so ALTS are much more risky than BTC and BTC is much more risky than stock indexes and they all sit in a line of action together.
What this means is that quietly under everyone's noses the solid ALTS for this market cycle are breaking out.
And so BTC slumps but thats just fine because ALTS pull back then push on to higher highs as we are seeing here with HBAR that is a solid ISO20022 coin btw.
If you watched my BTC video linked below you'll have seen a simple RSI method I use looking back through previous bull cycles to find levels for good entries.
And that is what I did with HBAR for my clients here; buying below RSI 60 as shown in the chart below.
Now that it has broken out this is the next buying opportunity.
Perspective is everything and unskilled buyers may even look at this chart and think the chance has gone, but far from it - HBAR has only had 1 impulsive wave up so far - circled on the chart . There may be many more to come.
The psychological trouble is that the markets move so fast and novice traders do not want to get trapped up high with some deep analysis I think this could well be the low with new highs to come in a new bull market.
That said there are plenty of hurdles along the way and this is very early days here.
But the weekly RSI looks good here - it has plenty of room for growth.
The conservative play is to wait for a corrective re-test of resistance (now support) because if BTC falls further then this probe upward can become a SRP shakeout reversal pattern (fakeout) to then fall back into the corrective trading range below.
Or just for a simple trade - HBAR is showing strength here and probably a good buy and hold for a while yet.
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Remember all of this is impossible according to many bears who are stomping their feet for recession. AS the herd know; buying ALTS in this area is pure foolery.
But yet the crypto train appears to be leaving... 😉
Not advice.
