For those who prefer a simpler chart - same idea as previous post just cleaned up.
There are 3 paths I see from here:
Black path/arrow = initial bounce followed by lower low (36-38k) before continuing higher (most likely)
Green path arrow = initial bounce followed by higher low before continuing higher
Grey path/arrow = run directly to make higher high from here (least likely)
- One common denominator in all 3 of these paths - we will get an initial bounce to 44400-48000 by Feb 14 2024. 44.4k-48k is my initial target.
- At that point it will run into selling pressure (red funnel off recent peak) and start pullback. The extent of that pullback will determine the next move higher.
~ if it takes black path it will find buyers at 36-38k and then bounce to 48k-51k
~ If it takes green path it will retrace to around 41k-43k and then rally to 51k-55k
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Some comments on the summary above:
- The bulk of this initial bounce to 44.4k-48k will take place early this week (1/29-1/31)
- The pullback from initial target will take shape in late Feb 2024 - early March 2024
* Wait to go long after the pullback to catch bigger bounce/rally that will follow. i.e., run to 48k-55k by late March 2024 - early April 2024
~If this initial bounce breaks above 48k then it will take the solid grey path directly to 51k-55k by end of Feb. 2024.
There are 3 paths I see from here:
Black path/arrow = initial bounce followed by lower low (36-38k) before continuing higher (most likely)
Green path arrow = initial bounce followed by higher low before continuing higher
Grey path/arrow = run directly to make higher high from here (least likely)
- One common denominator in all 3 of these paths - we will get an initial bounce to 44400-48000 by Feb 14 2024. 44.4k-48k is my initial target.
- At that point it will run into selling pressure (red funnel off recent peak) and start pullback. The extent of that pullback will determine the next move higher.
~ if it takes black path it will find buyers at 36-38k and then bounce to 48k-51k
~ If it takes green path it will retrace to around 41k-43k and then rally to 51k-55k
-------------------------------------------------------------------------------------------------------------
Some comments on the summary above:
- The bulk of this initial bounce to 44.4k-48k will take place early this week (1/29-1/31)
- The pullback from initial target will take shape in late Feb 2024 - early March 2024
* Wait to go long after the pullback to catch bigger bounce/rally that will follow. i.e., run to 48k-55k by late March 2024 - early April 2024
~If this initial bounce breaks above 48k then it will take the solid grey path directly to 51k-55k by end of Feb. 2024.
Comment:
Looks like this is following the grey path (most bullish near-term scenario).
Comment:
Guess what... Initial target of 44.4k hit, what'd you expect?
This keeps going.
This keeps going.
Comment:
Took the most bullish path exactly. Next up is 51k-54k.
Trade closed: target reached:
Made it to the 51k-54k target range. I'm seeing downside risk from here that could last until 2/28-3/1.
Expecting this to pullback to at least 46k, could drop as low as 37k to test previous breakout level for support. After that it will reverse back to the upside.
Expecting this to pullback to at least 46k, could drop as low as 37k to test previous breakout level for support. After that it will reverse back to the upside.
