after an ascending wedge, rampant bearish divergence of the RSI, and a recent run-in with an old foe, i think we're due for a correction. taking a look at 3 key zones where price could find support:
potential support 1: recent resistance level turned to support. notably where 3x long pressure ramps up and 3x short pressure cools down.
potential support 2: what was once the shoulderline of the major head and shoulders pattern. has been a strong support/resistance zone since the beginning of the year.
potential support 3: another prior resistance level turned to support, and where 4x & 5x longs will start liking their chances.
support 3 is absolutely NOT guaranteed to be the bottom, but likely where i'll consider averaging in on a few alts.
potential support 1: recent resistance level turned to support. notably where 3x long pressure ramps up and 3x short pressure cools down.
potential support 2: what was once the shoulderline of the major head and shoulders pattern. has been a strong support/resistance zone since the beginning of the year.
potential support 3: another prior resistance level turned to support, and where 4x & 5x longs will start liking their chances.
support 3 is absolutely NOT guaranteed to be the bottom, but likely where i'll consider averaging in on a few alts.
Comment:
well, not exactly how coach drew it up in practice, but there's potential support 1 for ya....
Comment:
wouldn't be surprised if the second support level is our bottom. i'm buying every dip from here on out.
