I noticed that this might be a double bottom we're in right now. That said, I'm slightly bearish at the moment still, but this looks a lot like a double bottom I've seen recently. I underlined important points in blue that I'm referring to. Notice how RSI dipped heavily oversold on first bottom, then a little higher before the huge run up to the mid 200s.
I see the same behavior in RSI now, first extending into very oversold conditions, then up, back down, approaching the same RSI level as before at this very moment. MACD looks declining, but I usually like to look for when the red bars start changing dark red (nearing zero for a MACD cross) as trend changes can occur in those zones, as I've noticed. (that's a highly speculative way of seeing it, as it could be the absolute opposite, just clarifying that). The candle is looking like a hammer, as well, a sign of bullish reversal. But this might be a fakeout if anything, and continue to the 150s or high 140s.
I have a lower limit buy still, sitting in cash right now, because I'm still mostly bearish in the mid-long term. (Very long term outlook is bullish based solely on fundamentals) I'm pointing this out for pointers on my analysis, as I'm still learning to recognize signals etc. Basically, I'm not trading bullishly yet based on what I've said here. Please comment and let me know what you think, or watch me get burned as my limit buy doesn't go through! Lol.
I see the same behavior in RSI now, first extending into very oversold conditions, then up, back down, approaching the same RSI level as before at this very moment. MACD looks declining, but I usually like to look for when the red bars start changing dark red (nearing zero for a MACD cross) as trend changes can occur in those zones, as I've noticed. (that's a highly speculative way of seeing it, as it could be the absolute opposite, just clarifying that). The candle is looking like a hammer, as well, a sign of bullish reversal. But this might be a fakeout if anything, and continue to the 150s or high 140s.
I have a lower limit buy still, sitting in cash right now, because I'm still mostly bearish in the mid-long term. (Very long term outlook is bullish based solely on fundamentals) I'm pointing this out for pointers on my analysis, as I'm still learning to recognize signals etc. Basically, I'm not trading bullishly yet based on what I've said here. Please comment and let me know what you think, or watch me get burned as my limit buy doesn't go through! Lol.