Referencing YTD channel volatility and direction, forecast wave 5 sustaining ~60k USD by end of Week 1/early Week 2 March.
Accounting for the Elon factor here, the Tesla news triggered an overbought divergence north of channel within range of historical volatility (~13%). Correction this past week within historical volatility below channel (~13%) to resume current uptrend around 19 degrees, placing potential 60k sustained in 1st or 2nd week of March, not accounting for more Elon tweets.
I am an amateur (less than a year dabbling in TA) so feedback is very, very welcome. Thanks.
Accounting for the Elon factor here, the Tesla news triggered an overbought divergence north of channel within range of historical volatility (~13%). Correction this past week within historical volatility below channel (~13%) to resume current uptrend around 19 degrees, placing potential 60k sustained in 1st or 2nd week of March, not accounting for more Elon tweets.
I am an amateur (less than a year dabbling in TA) so feedback is very, very welcome. Thanks.
Comment:
I will say that if volatility grows beyond 13-14% or the trendline breaks below 19% channel on my chart that my forecast could be invalidated. This assumes a healthy support zone around 45-45k now.
Comment:
Slight break below my channel as predicted, but only slightly. Small margin of error is to be expected in crypto, and I'm also an amateur. I think short term bearish sentiment will flip back to long term bullish and we should resume an uptrend in the coming week as projected, but 60k may be farther out than the second week of March now.
