Few days ago we broke a rising wedge formation (which is bearish),
with target at its base (about 44,807-45,135)
but meanwhile created a double bottom.
we want to see wether we manage holding the
important lvl we are at now,
or break again lower towards the 51k,
and even lower towards the rising wedge's target.
A bounce of the current lvls could bring us up to retest the rising wedge,
which is perfectly collided with the golden pocket (0.618- 0.65 fibonacci lvls)
which is stretched from the top (64,854) to the bottom (51k).
this could potentially be a strong lvl of res.
we want to see wether (if reaching up there soon) we would manage
breaking those lvls.
*we created a lower body candle close (compared to 7 april 21)
*we keep sticking to the current sup, and don't bounce off it.
since we had on 18 april a very long bottom wick,
we could expect a potentiall some follow through, which didn't come.
*rememebr- the more we hit and stick to a certain
level- the higher the chances for us to break through it,
because it becomes weaker and weaker.
from the other side, we technically still hold the important EMA ribbon
that held us all along since october 2020.
But, even though we still hold the EMA ribbon,
if we look particularly at the 50 EMA, which is looked at by many people,
we can see that we had a candle close below it three days ago,
which didn't happen since october 2020.
We had simillar declines like the one we are experiencing now,
which means unless something changes,
we still follow a similar price action compared to the previous declines.
there's nothing out of the ordinary for the time being.
We create a bullish MACD and RSI divergences,
and on Stockastic RSI we are at the oversold zone.
with target at its base (about 44,807-45,135)
but meanwhile created a double bottom.
we want to see wether we manage holding the
important lvl we are at now,
or break again lower towards the 51k,
and even lower towards the rising wedge's target.
A bounce of the current lvls could bring us up to retest the rising wedge,
which is perfectly collided with the golden pocket (0.618- 0.65 fibonacci lvls)
which is stretched from the top (64,854) to the bottom (51k).
this could potentially be a strong lvl of res.
we want to see wether (if reaching up there soon) we would manage
breaking those lvls.
*we created a lower body candle close (compared to 7 april 21)
*we keep sticking to the current sup, and don't bounce off it.
since we had on 18 april a very long bottom wick,
we could expect a potentiall some follow through, which didn't come.
*rememebr- the more we hit and stick to a certain
level- the higher the chances for us to break through it,
because it becomes weaker and weaker.
from the other side, we technically still hold the important EMA ribbon
that held us all along since october 2020.
But, even though we still hold the EMA ribbon,
if we look particularly at the 50 EMA, which is looked at by many people,
we can see that we had a candle close below it three days ago,
which didn't happen since october 2020.
We had simillar declines like the one we are experiencing now,
which means unless something changes,
we still follow a similar price action compared to the previous declines.
there's nothing out of the ordinary for the time being.
We create a bullish MACD and RSI divergences,
and on Stockastic RSI we are at the oversold zone.