We are getting closer to a major area of interest, where the market needs to decide if you are going to end this bear cycle and start a new bull run or shake more people out of this business.
The circled zone is where the decision will be made: Bear arguments: - 0.382 fib resistance - 34 fib resistance - previous tops resistance - cloud resistance - oscillators looking that they might get exhausted by the time they get there
Bull arguments: - inverse head and shoulders - weak cloud zone, where it could easily be penetrated - MA 20 about to cross over MA 50 - strong MACD - a small breakout would lead to huge buy volume, which might create a snowball fomo effect
This might be the reversal we have been waiting for.
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getting closer to the circle. there will probably one more correction before the decision is made rising wedge and falling momentum will perhaps lead to a correction towards the cloud.
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4h TF: correction happened. support found on cloud and MA 100. Currently heavily oversold. I expect a bounce back to the log resistance line, which will be in the 11.5k-11.6k area