The very bottom trend line is perfectly matching up with the 50 days moving average. We're in a med-term bullish continuational pattern and stochastic RSI shows we're extremely oversold. Volume is declining as well, fueling the movement of this symmetrical triangle. Not only that, but the last time the 50 days MA was broken was in September and lasted for a couple of days only; and every other time there has been a correction, the MA was broken for only a couple of days.
Fundamentally, we're in a new year and most people are done cashing out their lovely cryptogains, meaning more money will get poured into the market sooner than later.
We may see a quick retrace 'till around 11k again before another burst up with targets laying around 23k. Feel free to ask any questions in the comments if you'd like me to elaborate more on this idea.
Fundamentally, we're in a new year and most people are done cashing out their lovely cryptogains, meaning more money will get poured into the market sooner than later.
We may see a quick retrace 'till around 11k again before another burst up with targets laying around 23k. Feel free to ask any questions in the comments if you'd like me to elaborate more on this idea.