In my last analysis, I predicted the downward move from $6400 when everyone was bullish to $1,000,000, and this time, i think a big move is coming.
I could be very wrong here, as we're been stuck in this downtrend and knife catching is usually not the best strategy, but we've got a few things lining up in our favor.
I'm seeing some strong potential for a big bounce here.
$3550 was ideal entry as given this morning.
Shorts have gone into the 'danger zone' for a short squeeze.
We may see a big move within the next few hours to the $3900-$4000 with a potential for a big candle to $4300 - $4400.
RSI has a wedge forming with a strong support base as well.
OBV has been climbing as well with a bullish divergence...
Sentiment is getting to all time low levels, so it'd be a perfect time for a short squeeze liquidation move.
With buy volume steadily increasing, you can enter on spot or with low leverage with a stop below $3500 for a low risk trade with a very high R:R.
If you want to loosen up your stop, you can set it below $3400 in case we break below.
I think that if we do break below, it'll be hard and fast with strong support around $3,000 for big reflexive buy volume.
It's a DOWN TRENDING market, but this looks like a good opportunity for a long position before a big bounce.
Let's hope we get this move.
Thanks for reading. Comment with your ideas below.
I could be very wrong here, as we're been stuck in this downtrend and knife catching is usually not the best strategy, but we've got a few things lining up in our favor.
I'm seeing some strong potential for a big bounce here.
$3550 was ideal entry as given this morning.
Shorts have gone into the 'danger zone' for a short squeeze.
We may see a big move within the next few hours to the $3900-$4000 with a potential for a big candle to $4300 - $4400.
RSI has a wedge forming with a strong support base as well.
OBV has been climbing as well with a bullish divergence...
Sentiment is getting to all time low levels, so it'd be a perfect time for a short squeeze liquidation move.
With buy volume steadily increasing, you can enter on spot or with low leverage with a stop below $3500 for a low risk trade with a very high R:R.
If you want to loosen up your stop, you can set it below $3400 in case we break below.
I think that if we do break below, it'll be hard and fast with strong support around $3,000 for big reflexive buy volume.
It's a DOWN TRENDING market, but this looks like a good opportunity for a long position before a big bounce.
Let's hope we get this move.
Thanks for reading. Comment with your ideas below.
Related Ideas
No defense from the bulls for now.
A relief rally will have to wait.