Problem is that demand zone is not fresh and secondly, price broke down from Sep 20 low at 39,573-red dotted line-which was the last cycle low.
We sure can get a bounce from the current zone as a bear market relief one, but probably after a few days rally price will
start coming down again possibly until 2nd or 3rd week of February, where current intermediate cycle will be completed
timewise, hopefully with some capitulate volume which we haven't see yet.
A strong daily or intraday price action reversal, backed by relative volume today or tomorrow, will give maybe some nice short term gains but we should respect that trend is down and there is a double supply zone right above possible NL, where if price reach those levels shorts will be entered again.
Bollinger bands started to open up -fish lips signal- showing that a strong, volatile move should be expected, while momentum (RSI, black line at first lower panel) has not reached yet an oversold -below 30- level.
Strong areas of support are below. Last year's third quarter low-my target- and also last year's low.
Last but no least, bitcoin appears stronger in the TOTAL universe of coins (light blue line, first lower panel) and this by it self is indicative of the current correction, as being long $BTCUSD against short $ETHUSD is already giving some nice gains.
Take care, cheers
P.
We sure can get a bounce from the current zone as a bear market relief one, but probably after a few days rally price will
start coming down again possibly until 2nd or 3rd week of February, where current intermediate cycle will be completed
timewise, hopefully with some capitulate volume which we haven't see yet.
A strong daily or intraday price action reversal, backed by relative volume today or tomorrow, will give maybe some nice short term gains but we should respect that trend is down and there is a double supply zone right above possible NL, where if price reach those levels shorts will be entered again.
Bollinger bands started to open up -fish lips signal- showing that a strong, volatile move should be expected, while momentum (RSI, black line at first lower panel) has not reached yet an oversold -below 30- level.
Strong areas of support are below. Last year's third quarter low-my target- and also last year's low.
Last but no least, bitcoin appears stronger in the TOTAL universe of coins (light blue line, first lower panel) and this by it self is indicative of the current correction, as being long $BTCUSD against short $ETHUSD is already giving some nice gains.
Take care, cheers
P.
