Everything is beginning to reverse, macd, rsi, heikini ashi, good short would be here.
We need to get to 9.5k to make this pattern, there is a lot of resistance at 9.5k with ichimoku cloud, if the ichimoku cloud turns green, we might have the next bull cycle in our hands.
we are at the top of this rising wedge which is a bearish pattern, my target if this pattern breaks is 6k.
I think this move is similar to the 2018 crash with that big bounce, BB bands is tightening I suspect a big move is coming, which I presume is to the downside as I see us moving momentum to the downside with bearish divergences all over the place.
The amount of volatility is very similar to the 2018 crash, maybe this will play out similarly.
The daily macd and stochastic rsi and momemtum showing signs of movement to the downside, buyers are really tired, I doubt we will go up from here.
I see people screaming everywhere that this is a ascending triangle, to be honest with you I don't know what pattern we are in, i'm in on more on the side of a bear flag rather then a ascending triangle, one reason for this is that we are running out of momentum and possible bearish divergence on macd, I expect us to go down soon. For us to break up would require...
On the weekly looks bullish as we have signs of reversal ahead, with heikini ashi and macd and stochastic rsi looking to reverse, I have no idea what target we gonna go, but we might bounce in the long term, in the short term I dunno.
Not counting the wicks, looks like we have a head and shoulders.
The flag pole that I drew from the top of the pole is now the target of the new bear flag with target of 1k.
If we use the DMI you can clearly see the divergences, the +RI is moving down while the -RI is moving up clearly signaling a move to the downside, one bullish side is that we closed above the ichimoku cloud, but I need more signals then that to enter a long.
We might go further down, possibly testing 400 weekly MA.
I think in the short term we are in a bear flag.
The stock marked bounced hard after the dump, including bitcoin, but even with that big bounce the trend has not changed and we are still gonna continue downward, I see no reversal in weekly heikini ashi, and no sign of macd slowing down either. Im looking for a retest of 3.8k at the very least before we see a sign of reversal.
Whenever we are in a downtrend you tend to see these dead cat bounces, I need to see more confirmation for the reversal, this is in my opinion nothing more then a dead cat bounce. Entering now in my opinion is a gamble.