Symmetrical triangle, continuation pattern.
It allows things like the daily and weekly moving averages set up new floors for the price. This will be MUCH better, IMO, than us just rocketing off beyond 20k in the next month.
since we can see the 200 day MA creeping up rather quickly at 8600 currently, and we know for a bullish situation we need to be above the moving averages. Now, granted, this pattern will tighten them all together. So the 50, 100, and 200 could get real close. There could also "technically" be some death crosses or golden crosses. They shouldn't mean too much at this moment. The only death cross that matters is the 50/200 cross in the event we fail to make a meaningful Lower High in the coming days. It will be pretty obvious that situation will be long term bearish.
I'm looking for the new floor to be around 10k.
I personally don't see it reaching 100k, but i'm target fib extensions of 1 and 1.618 of wave 3 of 5, somewhere in the 25k-40k range.
It allows things like the daily and weekly moving averages set up new floors for the price. This will be MUCH better, IMO, than us just rocketing off beyond 20k in the next month.
since we can see the 200 day MA creeping up rather quickly at 8600 currently, and we know for a bullish situation we need to be above the moving averages. Now, granted, this pattern will tighten them all together. So the 50, 100, and 200 could get real close. There could also "technically" be some death crosses or golden crosses. They shouldn't mean too much at this moment. The only death cross that matters is the 50/200 cross in the event we fail to make a meaningful Lower High in the coming days. It will be pretty obvious that situation will be long term bearish.
I'm looking for the new floor to be around 10k.
I personally don't see it reaching 100k, but i'm target fib extensions of 1 and 1.618 of wave 3 of 5, somewhere in the 25k-40k range.