Local top reached on OCEAN/BTC pair.
Reasons:
1) RSI resistance hit, same as previous local tops
2) Bearish divergence at RSI 70, same as previous local tops
3) CMF crossing zero line
Reasons:
1) RSI resistance hit, same as previous local tops
2) Bearish divergence at RSI 70, same as previous local tops
3) CMF crossing zero line
Comment:
Rising wedge seems to have been validated, looks like a retest now.
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potential re-entry target, based on traditional rules of rising wedge:
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note the RSI breakdown highlighted in RED:
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support holding for now (dashed red line) but I won't start "looking for longs" until this lower blue RSI trend line is touched and I start to see bullish patterns develop.
What we're seeing now is a backtest, essentially investors/speculators giving short sellers yet another opportunity to exit their positions closer to the top, then the correction continues.
I expect the red dotted line to be broken, even though it's holding for now.
What we're seeing now is a backtest, essentially investors/speculators giving short sellers yet another opportunity to exit their positions closer to the top, then the correction continues.
I expect the red dotted line to be broken, even though it's holding for now.
Comment:
I'll start looking for signs of a bottom when RSI is in the zone I outlined in red. Note the highlighted bounces in RSI/price (highlighted in blue), indicating we may consolidate/bounce. However these zones never signal a bottom. The zones outlined in red (on RSI and price) are where the bottom occurs.
I like ~350 and ~400 for potential bottoms, we'll have to see where price is when RSI is "in the zone."
I like ~350 and ~400 for potential bottoms, we'll have to see where price is when RSI is "in the zone."
Comment:
Looking like a potential bottom, let's wait for the next low to be printed and I'll make a final call when that happens. bounced right in the zones!
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