Good day Hiveians!
Join me in analyzing the crypto markets!
With the whole community of crypto enthusiasts currently split between bull and bear I want to give some reasons why I remain a bull
Some weeks ago I discussed the relevance of the Pi Cycle Top indicator crossing. Turns out that this is still a very relevant and good indicator for judging market sentiment. It peaked exactly when this big downturn started, so I will definitely pay more attention to this indicator, although as discussed it has its caveats.
- An obvious indicator to watch is the weekly EMA. Currently price is sitting exactly on the weekly 50 EMA and is acting as a support. People are worried currently that when the 20 EMA crosses the 50 EMA ("death cross") this will confirm a bear market. But we have to wait and see. Personally, I don't think it is going to happen anytime soon.
- Another important indicator is the RSI. On a monthly chart it has always double peaked in a bull cycle. We clearly had the first peak and by the looks of it we are following the pattern of 2013 and not 2017. This would give us a second peak at around the end of this year (surprise, surpirse). Price target would then be at around 400-500k. Sounds like a lot, but seems to be possible.
My outlook for the future market has actually not changed all too much from my bullish scenarios from some weeks ago. The only major thing that I am expecting to be different is the time it takes for this to play out. Rather than the ~6 weeks, it might take until August for 100-120k BTC. The general path should be something like this:
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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