Still new to this, feedback welcome.
Optimistic look at today - the RSI is signalling the same recovery we saw yesterday up to the white box around the $15150 area. I can't imagine we'll drop below the support fib at 38%, but that we'll end up back at the 50% fib later today.
The cloud is giving a very hesitant hint at being ready to get bullish again, but it's weak at best. However, if we break through the top of the cloud today, I think we're going to start an upward trend toward the next fib level. If not, I think we may bounce around at the levels we saw yesterday for a bit longer.
Optimistic look at today - the RSI is signalling the same recovery we saw yesterday up to the white box around the $15150 area. I can't imagine we'll drop below the support fib at 38%, but that we'll end up back at the 50% fib later today.
The cloud is giving a very hesitant hint at being ready to get bullish again, but it's weak at best. However, if we break through the top of the cloud today, I think we're going to start an upward trend toward the next fib level. If not, I think we may bounce around at the levels we saw yesterday for a bit longer.
Comment:
Another possibility I'm throwing around: Before going back to up to 50% fib, we're going to hit resistance on the bottom of the cloud, fall back down to support at 38%, and we'll have a very nice falling wedge on our hands setting us up for a breakout. Either way I'm still bullish.
Comment:
Revised with falling wedge forming:
