Over the last 52 days we've seen a +23% move upward from the local bottom. Just over the last week, we've seen an immaculate pump, but do we have the momentum to continue to move upwards or is this just a bear market rally or bull trap that is about to go bad?
Crypto only focused individuals. I cannot tell you enough, crypto has a huge market correlation with much of what is going on in the world outside of the space and 2023 is going to be a dangerous year in the finance sector. We're only 13 days into the new year and I know the energy is at an all-time high from what's been going on, but take a step back and look at the bigger picture. Remember, while I can admit there is a small chance, we have not set a macro higher high in the last couple months, but we have been setting macro lower lows.
Let's also consider that many of the key factors influencing the market are due to economic occurrences outside of the crypto space, like the looming global recession on the horizon and the central banking system's reform over the last 3 years. We could very well be witnessing the start of a blow-off top that will lead us into the sub 15,000 USDC area.
Our momentum indicators on the 4-hour and 12-hour charts are at levels we last saw market corrections from, much higher in fact. I believe this is more of a matter of when a sell-off happens, not if.
RSI is at 90... I don't even need to talk about that.
Our VPVR targets are 16,800 and 16,000...
Note: even though we're +20% up from the last macro bottom, which is the sign of a bull market, we're still well about the 200-day EMA on the Day chart and our current price confluence is razor thin, meaning pull backs could be much more intense because of the lack of established volume in a local perspective.
Crypto only focused individuals. I cannot tell you enough, crypto has a huge market correlation with much of what is going on in the world outside of the space and 2023 is going to be a dangerous year in the finance sector. We're only 13 days into the new year and I know the energy is at an all-time high from what's been going on, but take a step back and look at the bigger picture. Remember, while I can admit there is a small chance, we have not set a macro higher high in the last couple months, but we have been setting macro lower lows.
Let's also consider that many of the key factors influencing the market are due to economic occurrences outside of the crypto space, like the looming global recession on the horizon and the central banking system's reform over the last 3 years. We could very well be witnessing the start of a blow-off top that will lead us into the sub 15,000 USDC area.
Our momentum indicators on the 4-hour and 12-hour charts are at levels we last saw market corrections from, much higher in fact. I believe this is more of a matter of when a sell-off happens, not if.
RSI is at 90... I don't even need to talk about that.
Our VPVR targets are 16,800 and 16,000...
Note: even though we're +20% up from the last macro bottom, which is the sign of a bull market, we're still well about the 200-day EMA on the Day chart and our current price confluence is razor thin, meaning pull backs could be much more intense because of the lack of established volume in a local perspective.
