Very oversold 4h RSI.
Bullish divergence on the 4h RSI.
Momentum shift on the Stochastic RSI.
We are about to correct back to about 8100-8200$ and touch that orange line before crashing down again.
Bullish divergence on the 4h RSI.
Momentum shift on the Stochastic RSI.
We are about to correct back to about 8100-8200$ and touch that orange line before crashing down again.
Comment:
Probably the last bullish impulse before the breakdown of the triangle.
The psychology factor will be huge here because we retraced back to an important level of the 600% to 10000$ bullish impulse. This means that if this goes up people will still think this is a bullish market.
If the upper triangle resistance holds, this will confirm the bearish scenario and people will panic. Expect the next bearish impulse to be extremely violent (as most 2nd bearish impulse are).
The psychology factor will be huge here because we retraced back to an important level of the 600% to 10000$ bullish impulse. This means that if this goes up people will still think this is a bullish market.
If the upper triangle resistance holds, this will confirm the bearish scenario and people will panic. Expect the next bearish impulse to be extremely violent (as most 2nd bearish impulse are).
This could potentially take us back to 8950$. A lot of things will have to be confirmed for this scenario to materialize.