On a 2H chart, the index has had a 125% trend up since October averaging 25% per month but
accelerating. I wanted to see if there are any signs of an impeding correction given the
uptrend's duration. The past week added about 10% which seems unsustainable. The RSI is
not yet in high overvalued /bought territory but is on the approach. The predictive algo
indicators may suggest some upside but when zooming in the trendlines are relatively flat.
The candlesticks are showing prominent topping wicks. The Bollinger bands show a
" upper band march" after the run up of the past week.
Overall, at least for the immediate to intermediate term, I see no upside for this index.
As applied to my trading, I will take no new long positions of BTC and ETH. I will consider
taking partial profits at the highs of the upcoming several days at 10% each time. At some point
when a reversal is more definitive I may take short positions in them.
accelerating. I wanted to see if there are any signs of an impeding correction given the
uptrend's duration. The past week added about 10% which seems unsustainable. The RSI is
not yet in high overvalued /bought territory but is on the approach. The predictive algo
indicators may suggest some upside but when zooming in the trendlines are relatively flat.
The candlesticks are showing prominent topping wicks. The Bollinger bands show a
" upper band march" after the run up of the past week.
Overall, at least for the immediate to intermediate term, I see no upside for this index.
As applied to my trading, I will take no new long positions of BTC and ETH. I will consider
taking partial profits at the highs of the upcoming several days at 10% each time. At some point
when a reversal is more definitive I may take short positions in them.
Trade active:
Crypto index is sideways awaiting further accumulation vis distribution before a move.
The crypto index has returned to bullish momentum.