HBAR / BTC - Alternate Idea: First Bearish, Then Bullish
I need to predicate this with the fact that I'm actually super bullish on HBAR, and most of my ideas are based on its bullish momentum having more immediate continuation. That said, I sometimes try to come up with alternative theories that oppose my own presuppositions, and that is what this is here.
So, let's take a look at HBAR from a different perspective than my typical posts, and we'll look at its monthly chart instead of the weekly, daily, or lower timeframes:
The highs from March 2020 (last year) are now just wicks because they were never able to close nearly as high as it rose on the weekly or daily charts.
Taking this into account, you could start to consider that an inverse head and shoulders pattern is beginning to take shape on our monthly here. It remains bullish overall, but goes against what myself and many of its fans and followers are expecting - which is the completion of a bull flag on the daily (see linked chart below) with much more immediate bullish movement to a new all time high. In the scenario instead, an HSi forms here, and we see bearish movement in the near term first. This acts as a bit of a shake out while longer term holders take profits, and when its done, then we shoot for a test of previous highs and a new all-time high.
Something like this could occur with the BTC pairing if bitcoin begins to move up again finding yet another new ATH.
So, instead of seeing a more immediate alt season, our alts still gain in dollar value but lose vs. BTC for a while again first.
That would also give BTC dominance a chance for some relief in its downtrend since we went sideways and saw our ETH move. It would also build further momentum for a stronger alt season than having one that occurs more immediately.
Just a different take, I'm probably wrong but felt like sharing anyways, cheers and thanks for listening. :)
So, let's take a look at HBAR from a different perspective than my typical posts, and we'll look at its monthly chart instead of the weekly, daily, or lower timeframes:
The highs from March 2020 (last year) are now just wicks because they were never able to close nearly as high as it rose on the weekly or daily charts.
Taking this into account, you could start to consider that an inverse head and shoulders pattern is beginning to take shape on our monthly here. It remains bullish overall, but goes against what myself and many of its fans and followers are expecting - which is the completion of a bull flag on the daily (see linked chart below) with much more immediate bullish movement to a new all time high. In the scenario instead, an HSi forms here, and we see bearish movement in the near term first. This acts as a bit of a shake out while longer term holders take profits, and when its done, then we shoot for a test of previous highs and a new all-time high.
Something like this could occur with the BTC pairing if bitcoin begins to move up again finding yet another new ATH.
So, instead of seeing a more immediate alt season, our alts still gain in dollar value but lose vs. BTC for a while again first.
That would also give BTC dominance a chance for some relief in its downtrend since we went sideways and saw our ETH move. It would also build further momentum for a stronger alt season than having one that occurs more immediately.
Just a different take, I'm probably wrong but felt like sharing anyways, cheers and thanks for listening. :)
