Few thoughts based on Ichi cloud, oscillator divergence and wavetrend buy signals.
1/ This is the second lowest we have seen the wavetrend for the last year. Currently it sits just above the clear buy zone and crossing up. The last three crosses under 0 on the oscillator have lead to strong moves.
2/ There is large bullish divergence developing on the RSI visible on 4 hour, daily, weekly, monthly.
3/ The bottom of the cloud has held every time over the last year and is currently acting as support. If we get closes below the cloud, I would beware..
Thoughts welcome.
1/ This is the second lowest we have seen the wavetrend for the last year. Currently it sits just above the clear buy zone and crossing up. The last three crosses under 0 on the oscillator have lead to strong moves.
2/ There is large bullish divergence developing on the RSI visible on 4 hour, daily, weekly, monthly.
3/ The bottom of the cloud has held every time over the last year and is currently acting as support. If we get closes below the cloud, I would beware..
Thoughts welcome.
Comment:
To clarify: I don't think this is necessarily a good buy spot, rather a key level and pivot point. The bullish divergence and wavetrend cross could take weeks to play out. My guess would be some sideways in the cloud with perhaps another big wick down to around $9,000 to create a double cross on the wavetrend as in September. Then an eventual reversal and new ATHs.