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[🐂 Weekly Bull Thread] rain 500 $degen
Well, not quite the weekly close we wanted to see
So let's zoom out, look at the bigger picture across a 2W timeframe, and see where the arguments for bullish continuation can be drawn from.
The 20ma/21ema are sorta the last lifelines here; so far, we've grabbed a very small bounce off them - good to see, but they'll likely be tested again.
RSI has reached its lowest level since Oct '23, when we were at $29k. On the upside, this was when the 2W 20ma/21ema held the line and catapulted us off to the ATH.
Similarly, RSI is also at the level where the 2013 & 2016 cycles found support after a dump, and ran on to put in new highs. However, we also visited/tested these lines in 2019.. and the floor fell out.
I'm still betting on bullish continuation, even if the odds are stacking up against us a bit here. Let's see where this week takes us. 17 replies
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