This is a chart set-up I had around January. It has honestly held up pretty well. I've updated it to chart the next month or so and changed the colour scheme. Crucial moments here for Bitcoin. If the previous low does not hold up, it's possible we could fall to the 4000 and 3000 level. I am expecting a bounce followed by an attack at the Kijun as we previously saw around 03/05 and 03/22. If there is a breach of the Kijun at that point, I expect an attack at the Kumo itself. The chart must be re-assessed at that point.
It's important to also take note of the falling wedge forming since 03/05. Previously, a smaller falling wedge beginning on 02/20 broke out for a ~27% gain. Being a larger falling wedge, we can expect a much higher recovery.
RSI is approaching the same oversold levels as previous bounce in Feb.
Cautiously long at support levels.
Let's wait and see.
It's important to also take note of the falling wedge forming since 03/05. Previously, a smaller falling wedge beginning on 02/20 broke out for a ~27% gain. Being a larger falling wedge, we can expect a much higher recovery.
RSI is approaching the same oversold levels as previous bounce in Feb.
Cautiously long at support levels.
Let's wait and see.
Comment:
Beautiful