Friends. Just an update regarding this idea. It pays to watch all timeframes. Especially with as much consolidation as we have had over the past several days. It has allowed the RSI on the daily tf to potentially create a 2:4 divergence. Meaning this could be a signal for a 5th wave to come in this move. I have alerts set for $21900 on the bybit chart to watch $21700-750. That area has been visited on the other exchanges, but not Bybit. That is important.
Since this Daily tf has been taken out, I am looking at the 2/4HR RSI for signs of exhaustion in the area if given and then entry on the 15min.
Good overview on the market! Which analysis you will do next?
kizenbahs
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Your idea good for short
HankHill_1
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@kizenbahs, I am short from that high, but I am out of most of it. This much consolidation at the low is not extremely bearish in my opinion. Will likely sweep the low or tap the OB and then move up.
Be willing to be bullish when others are bearish and be willing to be bearish when others are bullish.
Sure, price might take out the lows I mentioned, but overall when Powell speaks, the outcome at the end is more positive for upside. This could be the rare day where continuation takes place.