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.
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.
