Hey all, I have been waiting for this trend break since about 35-40k when the curve had enough points to be legit. This downtrend has been active since 69k and it has finally broken after being very tightly followed all the way down. We are below the 200W MA but I think this is a good a spot as any for accumulation to occur. We have a nice set of 3 bottoms which have decreasing momentum on them.
In addition to the major downtrend curve, I've been watching the MACD and RSI on the 2D timeframe which has historically been very usable to pick reversals and hold trends. MACD has turned bullish (crossed up) after the retrace to 23k a week ago and the RSI has done the same (two oversold areas followed by a return to mean and much weaker drop to form a swing low for the beginning of the next trend). I think based on recent support/resistance levels that we could see up to 35/40k in the near term regardless of the macroeconomic environment.
This will very likely only occur if major indices follow suit. Otherwise the run will probably be limited to 28-32k. This is the best buy opportunity we've had in a long time, and although there is still risk present, the upside potential outweighs it heavily imo. Good luck to all.
In addition to the major downtrend curve, I've been watching the MACD and RSI on the 2D timeframe which has historically been very usable to pick reversals and hold trends. MACD has turned bullish (crossed up) after the retrace to 23k a week ago and the RSI has done the same (two oversold areas followed by a return to mean and much weaker drop to form a swing low for the beginning of the next trend). I think based on recent support/resistance levels that we could see up to 35/40k in the near term regardless of the macroeconomic environment.
This will very likely only occur if major indices follow suit. Otherwise the run will probably be limited to 28-32k. This is the best buy opportunity we've had in a long time, and although there is still risk present, the upside potential outweighs it heavily imo. Good luck to all.
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24!
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ABORT. Out of the market until further notice.
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Looking up for the near term!