Re: Next target 40-42k area before new ATH? See 2 year moving average
Green line is 2 year moving average, red line is 2 year moving average x 5.
This pattern is very interesting if we compare it to 2017 bull run, it would mean right now we could be in July-September 2017 repeat, meaning huge move on the upside in the next few months?
Also, this chart is very interesting because it indicates once we overtake the red line, the rise in price is very sudden and very sharp and a big crash follows after that. And bear in mind that those 2 lines always go up so the red line could very well be around 80k once we go above it. So, 150k-200k looks very achievable but then a big dump is likely.
We'll have to wait and see, but I don't think this is like the second correction from 2017. We JUST got out of a correction - I don't see this being another several week 30%+ correction. More likely just finding some support after going up too fast immediately after getting out of the last correction thanks to the Tesla buy. It's a correction sure, but not a "oh god is bull run over" type of correction like you saw with all the FUD a month ago. Think this will be more like spend a week or two finding solid support around $50k and then onward to $70k or so before the second big correction of the year later on in April. This was only 23 or 24% drop from the top and seems very unlikely again to get anywhere near that $44k bottom it hit a couple days ago. Found base support at $44k, now building support around $48k-$50k. Likely back to $55k next week.