With the logarithmic function applied to the weekly chart, we see multiple tests of this concave which will eventually level and stabilise. Price managed to reject this with strength, as shown by the +20% week.
The 200 period was also approaching this within a few percent of each other and price rejected the 200 here also, this providing strong signs of strength in the market.
The indicator is almost about to cross over and revert momentum back to the upside, should the price close this week at this approximate price area of $4000.
The 2017 bull market was not as extended as the 2013 bull market was, hence why a correction of the same magnitude is not expected as such. The deviation from this , as seen in the charts above, was not as much compared to the 2013 bull market.
Candles are forming on the monthly chart for and several other high market cap altcoins which suggests, at the very least, a green start to 2019.
Comments and thoughts are highly encouraged. Merry Christmas and have a great 2019!
Published at Fri, 21 Dec 2018 17:14:19 +0000
