LOOMUSD crossed over the High of the previous Cycle (0.2650) and got ridiculously overbought even on the 1W timeframe (RSI = 91.375, MACD = 0.029, ADX = 42.981). However this doesn't necessarily mean that it can't go higher and even more so by a significant margin. The 1W MA50 will inevitably cross over the 1W MA200 next week and will form the first ever Golden Cross on the 1W timeframe. That is an incredibly strong bullish signal on its own but coupled with the 1W MACD which shows us that we are potentially around February 8th 2021 in relation to the parabolic rally of the previous Cycle, we can realize that this rally still has fuel in it. We are still long, targeting near the ATH level (TP = 0.7000).
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