Also want to note; looking at the 4 hour chart, we are extremely oversold. Every time the RSI reaches these levels there is a bounce. In fact there has only been one other time we have gone this low in recent time. If we can maintain this RSI level it would support my previous chart idea where, to be honest, I hope we stay at for a little longer.
Looking at the daily chart, we hit a major support level.
1. The 50MA.
2. Fib .50 for this ‘Bull’ swing.
3. Volume profiling.
Only worrying indicator for more downward movement is the ichi cloud. We are currently in the Komu, which more often than not, when moving into the cloud would see us also exit the other end, which takes us to ±$7k6. I do not want us to go...
You will see that I have indicated that 45% of the volume we've seen since the "start" of the bull run is in the range where we have been since Feb.
This was painful, but this will create a massive support once we move out of it.
Look at the next leg up, for which we know there are a few hurdles to get through, it has the least 'volume resistance' of this...
Long term logarithmic up, bull trend line (Blue)
Medium term logarithmic down, bear trend line (Red)
3X Fib drawings, I am calling them:
- Long : Bull run “Start” (15 Sep .17) -> All Time High (17 Dec .17)
- Medium : All Time High (17 Dec .17) -> Retraced Low (06 Feb .18)
- Calling it “The Mid Term Swing ”: 20 Feb .18 -> 01 April .18
...
