Hey Everyone,
Taking a little focus off Crypto Tonight to bring to everyone's attention to do development currently happening in the Dow.
Below we see a Daily chart with a nice rising wedge, that EW international is saying it's the fifth wave and that we hit multiple degrees of a fifth wave. I can't show you their work but right now you can get it free for another day or 2 at www.elliotwave.com
Right now we see price pierced the wedge and is currently testing resistance which was previous support. We also see divergence on the RSI suggesting we are about to see some downdrafts. If this truly is a Fifth wave on multiple degrees... the downdraft could be quite severe, and could temporarily affect the CRYPTO market temporarily.
Below we see a 4-hour chart...
Notice the thinner white line of support was broken and now tested as resistance where the price was rejected today. Could be nothing...However against a continuously decreasing social mood all around... Masks, government controlling people, people not trusting government, lockdowns, travel restrictions, lots of office space vacant, Distrust, etc... Yet we see market prices going higher against this backdrop. This is what Fifth waves are all about. We also see tons of people buying into all this short squeeze stuff... Newbie traders taking on sophisticated investors and winning would be the first time in human history... So we will see what happens there.
None of that changes the fact that the FED is propping up the markets by blanks cheques to the government as well at the FED buying ETF's... also the first time in human history.
Another sign we may see some downdrafts is we see the DXY (USD index) turning around by the looks of it. We have divergence on the RSI and MACD circle in red. We are challenging the Orange line with starts at the Peak of the Panic in March 2020. To me, this seems some people may get wrecked chasing short squeezes.
Either way, we should see Bitcoin and the Rest of the cryptos come out of this Higher just like it did after March... And who knows maybe for the first time it will be viewed as safety... The Rally in crypto isn't even close to being done yet... way too close to the last halving and we just broke ath in market cap. Usually market cap increases by multiples before ending...
To Decentralized Freedom
