Looking at the daily chart, we hit a major support level.
1. The 50MA.
2. Fib .50 for this ‘Bull’ swing.
3. Volume profiling.
Only worrying indicator for more downward movement is the ichi cloud. We are currently in the Komu, which more often than not, when moving into the cloud would see us also exit the other end, which takes us to ±$7k6. I do not want us to go here.
That would mean a long time before breaking the higher-low, lower-high pattern and could take us to low $7k range.From a macro point of view this is dangerous, mining will no longer be profitable etc etc, and I believe that for miners its in their best interest not to go to those levels any time soon.
If I could have my way, I’d like for the price to stay at this level for a few more day, at least until the 14th of May. This would just add even more to the support at this level as well as building some momentum to try break that $10K.
1. The 50MA.
2. Fib .50 for this ‘Bull’ swing.
3. Volume profiling.
Only worrying indicator for more downward movement is the ichi cloud. We are currently in the Komu, which more often than not, when moving into the cloud would see us also exit the other end, which takes us to ±$7k6. I do not want us to go here.
That would mean a long time before breaking the higher-low, lower-high pattern and could take us to low $7k range.From a macro point of view this is dangerous, mining will no longer be profitable etc etc, and I believe that for miners its in their best interest not to go to those levels any time soon.
If I could have my way, I’d like for the price to stay at this level for a few more day, at least until the 14th of May. This would just add even more to the support at this level as well as building some momentum to try break that $10K.
