We're getting close to a big move. I think the signs point to UP rather than DOWN.
A few reasons I think we're going UP and not DOWN
1. Positive Divergence on the RSI
2. Falling wedge pattern (ending diagonal)
3. Wave count (current patterns don't seem to be impulsive as much as corrective).
4. .618 retracement level has held so far
5. ETF withdrawal news for BTC has not at all affected the price of the market.
I'm expecting one more wave down to the lower trendline of the triangle and then reconfirmation of the divergence on the RSI before the run up.
STOPS set at 103
I think $200+ is a distinct possibility for the next few weeks.
A few reasons I think we're going UP and not DOWN
1. Positive Divergence on the RSI
2. Falling wedge pattern (ending diagonal)
3. Wave count (current patterns don't seem to be impulsive as much as corrective).
4. .618 retracement level has held so far
5. ETF withdrawal news for BTC has not at all affected the price of the market.
I'm expecting one more wave down to the lower trendline of the triangle and then reconfirmation of the divergence on the RSI before the run up.
STOPS set at 103
I think $200+ is a distinct possibility for the next few weeks.
Comment:
Still looks good for a swing up. Divergences on mid time frames firming up. Sellers running out of steam.
Comment:
Stopped out overnight but I still think we'll bounce soon. Seems like any substantial rally to 200 is off the table at the moment.
Comment:
quite a bit early, but the divergences finally played out. We should go up for C now
Comment: