I have had some time to reflect on my charting and I think I have made some good changes. Here's how I see it...
- 4 hr 20 SMA & 200 SMA DEATH CROSS
- We are currently under the 4hr Ichi cloud
- No Stoch convergences to be found (4hr)
- Currently, holding for dear life on 0.382, but I doubt it will hold
- RSI 4hr is oversold
-MacD (4hr) is...
I don't know about you, but I was a bit surprised to see this recent turn of events. This got me to reevaluate my methods and be more vigilant than ever. For one thing, I have gone back to basics - fib retracements and channels.
NOTE: even though the long position is 2:1 at the moment, there are plenty of resistance levels to be breached before level...
I have concluded that $5600 is BTC's next stop based on the following 3 factors:
1. Trend-based fib.
2. Highly local pitchfork
3. Global Pitch fan with 6th of February as its starting point.
- I can't help but notice that the pitch fan and the local pitchfork match PERFECTLY. One hell of a coincidence if you ask me...
- I have also ran the additional pitch fan...
I don't know... you decide.
- rising wedge that ends on an ichi wall
- through the roof stoch
- price is under the SMA 9 yellow line. (I like it...gives me good results)
- cme futures expires in 3 days (pump after?)
- possible IHS? At this point, this is the only bullish potential factor I see accross all TAs.
Overall, I am bearish - one final leg remains...