I'm very unsure here, however we have had a $300 bounce and you cannot ignore that.
So two charts, one daily and one 4H:
Daily - I drew this last night on Twitter, there is a case to be made here for a second trend line. We have the main trend line which I have drawn in black which is the stronger one, it hits 3 points. Therefore there is a degree of confluence there.
The second trend line coming from October last year I've drawn in blue and it only converges across 2 existing points, as well as 1 speculative point (as in the current price). Normally I would not place too much emphasis on the 2 point line however there are supporting signals for this.
1) The first obviously, we just bounced $300. That's fairly self explanatory.
2) The second one, we are seeing higher lows on the oscillators as well, MACD and RSI. Meaning we don't neccesarily need to go lower here. It actually matches the oscillator trend lines rather well.
If we bounce here, I'd consider that a really bullish sign actually. It's prior to where most people expected, me included which was 6850ish.
4H - What's really interesting here is how the RSI bottoms out at 2 local points in history. The 4H presents a more acute view, so whereas the daily shows higher lows on the oscillators, the 4H shows bottomed out local RSI at both points which again points to this being the local bottom.
So I feel there's certainly a strong case to be made to reconsider our bottom target, based on the above.
I've put a small long in. low leverage. The kind of bid I do when I'm unsure. I'll add to it as we see more, hopefully bullish signals. I'll say again though, a bounce here is a very bullish sign. We're no longer hugging the bottom of the trend line. We're starting to break clear.
So two charts, one daily and one 4H:
Daily - I drew this last night on Twitter, there is a case to be made here for a second trend line. We have the main trend line which I have drawn in black which is the stronger one, it hits 3 points. Therefore there is a degree of confluence there.
The second trend line coming from October last year I've drawn in blue and it only converges across 2 existing points, as well as 1 speculative point (as in the current price). Normally I would not place too much emphasis on the 2 point line however there are supporting signals for this.
1) The first obviously, we just bounced $300. That's fairly self explanatory.
2) The second one, we are seeing higher lows on the oscillators as well, MACD and RSI. Meaning we don't neccesarily need to go lower here. It actually matches the oscillator trend lines rather well.
If we bounce here, I'd consider that a really bullish sign actually. It's prior to where most people expected, me included which was 6850ish.
4H - What's really interesting here is how the RSI bottoms out at 2 local points in history. The 4H presents a more acute view, so whereas the daily shows higher lows on the oscillators, the 4H shows bottomed out local RSI at both points which again points to this being the local bottom.
So I feel there's certainly a strong case to be made to reconsider our bottom target, based on the above.
I've put a small long in. low leverage. The kind of bid I do when I'm unsure. I'll add to it as we see more, hopefully bullish signals. I'll say again though, a bounce here is a very bullish sign. We're no longer hugging the bottom of the trend line. We're starting to break clear.
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