My 'Trend Precognition' indicator just crossed positively on the weekly time frame (orange box), indicating a change of trend (also supported by the on-chart arrow version that additionally gives a probability score).
Furthermore, the weekly RSI is at a historic bounce level (blue box), and price is sitting at 200 weekly MA support (red line).
I think we'll have a couple of weeks of relief before we go down to the true bottom.
Let's see how this plays out!
Furthermore, the weekly RSI is at a historic bounce level (blue box), and price is sitting at 200 weekly MA support (red line).
I think we'll have a couple of weeks of relief before we go down to the true bottom.
Let's see how this plays out!
Comment:
The move is likely coming to an end at 4k (weekly 20 MA). But because we've gotten a signal on the monthly TF, I no longer think we'll test the 2k region. I think we've already hit the bottom, but the reaction at the weekly 200 MA will give us more clues on that.
Material Indicators
My guess here is that we'll continue in an uptrend for several weeks (retest of 6k?), before we go and look for the true bottom in the low 2k region.
Anyway, the uptrend is confirmed. Carefully choose your entry if you haven't already.