Last time 1D RSI went this high we had a massive dump, furthermore we had a touch of top of bear flag, and you don't turn bear into bull (all these 20 to 30% pumps) into a few days or weeks, we still getting mt gox dump and the interest hikes
Based on historical movement, the peak could occur anywhere in the larger red box. The final targets are in the green boxes. The pending bottom should occur within the larger green box as has been the historical case. Half of all movement has ended in the smaller green box. In this instance, the signal indicated SELL on March 17, 2022 with a closing price of...
Based on historical movement, the peak could occur anywhere in the larger red box. The final targets are in the green boxes. The pending bottom should occur within the larger green box as has been the historical case. Half of all movement has ended in the smaller green box. In this instance, the signal indicated SELL on August 31, 2021 with a closing price of...
M pattern forming (with 3 trendline rejections, the 3rd currently rejecting)
Parabolic run up while the rest of the market was either ranging or moving up slowly
Options expired yesterday, so could see a further move downwards as we have seen in the past after options expire
Nearing the end of the week/month
Its currently the weekend where we usually see a...
Reasons to sell
Overextension of the RSI on the 4hr
Bearish DIV on 1hr and 2hr
Last time we saw a move like this was 04 Nov 2020 with a 20% correction happening
Strong resistance at $6
Head and shoulders still intact (but subject to change as we are in a bull run and this is a bearish pattern) low success rate in bull runs
Could see price revisit $4.80
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