God I hope you're right. What an opportunity. Do you foresee a slow grind down or a quick capitulation?
bike4sail
⋅
@oolookafishy, this is the scenario most are hoping plays out. The reason I posted it is because its an "all roads lead to Rome" situation. The lines converged in that green area. Many buy orders waiting there. Sometimes when that is the case it doesn't play out at all and the majority that thought they were right end up missing out.
If this does play out, I would expect a few days grind down after touching 41k and then a bigger wick to 30k or lower, where a support base would be found. I'm 50/50 on this playing out. There is just as much chance we forego this scenario altogether and create a short squeeze higher. Either way, I expect by mid Feb we will have some sort of resolution and know where our bottom is.
My personal goal is to find the next bullish divergence on the RSI daily chart. Once we have that I will feel more confident that a bottom is in, especially if we get a cross above 50 RSI.