FEEDBACK MUCH APPRECIATED.
Fibonacci Retracement: drawn from recent high Feb 25th to Recent Low March 18th.
- 1 = 1738 Satoshi
- 0.786 = 2117 Satoshi
- 0.618 = 2414 Satoshi
- 0.5 = 2622 Satoshi
- 0.382 = 2831 Satoshi
- 0.236 = 3063 Satoshi
Bollinger Bands: Little price . Currently hit the top of the bands, so it looks like the price will decrease short term.
RSI & MACD: Golden Cross happened on March 18th. 4H chart shows it's about to be oversold and will be descending. 1D chart shows oversold, and about to enter golden cross.
Based on 4H & 1D chart comparison, is currently overbought short term and oversold long-term.
Therefore, the price will drop for the short term being and in long term being the price looks like it will rise from here.
Conclusion: even though is currently oversold long-term, it looks like the price will drop a little further from here on for another month. It looks like it is not likely for to recover in a short term as FUD has been spreading heavily for a long term over the past 3 months, unless a great FOMO news breaks out. I don't see this as likely. If that happens, may have a good run-up. But I see this 10%-20% to happen.
descending formation indicates that the price will drop further. It's too early for an entry. Price is likely to drop even further until end of april- but it's heading there- an awesome trading point in around Mid-End of April. Expecting to have a great trading season by end of April or May. Have to be patient and wait. It's coming.
For short term traders, 1738 will be a good entry point coming within about a week. Sell and exit.
For bagholders, HODL. You will be able to recover on May.
I have a mixed feeling because of descending wedge formation on RSI. I am personally betting that bull run will likely to happen 30%, and 70% on a longer bear run up until early April, where 646 satoshi level will be a great entry point.