As per my last analysis i called the bottom atleast a temproary one between 4200-4400, the RSI looks to have bottomed out which is mirrored by the ADX and DI lines. One must remember that when prices are not at equilibrium so arent the indicators, which means that a mean reversion is in the offing. The RSI and ADX indicators bottoming out may suggest that we may see a corrective rally to 5-5.5k. However, we may still be a bear market if bounces to 5-5.5k is sold into, however I want to believe most of the pain for the bulls may be over. Tom Lees prediction of 15k is virtually impossible as we are looking for prices to triple in 2 months alongside Bakkt getting delayed. So one must not be overly optimistic of a huge christmas/new year rally. However corrective bounces are on the cards.
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Comment:
Bollinger bands are narrowing and typically it means consolidation and a move to what trend is, in this case downside. We need a quick bounce to 5k if we want to negate the bearish narrow bollinger bands, if not we can see another round of selling below 4k!
Comment:
Bulls still have hope RSI,Price, and ADX have all flattening out maybe looking to form a more convincing bottom
Comment:
Failing to cross 100 SMA, at a crucial can expect a fall to sub 4k levels if bulls done make an attempt to get in the 5000 zone
