This technical analysis is based on:
There is high probability for reversal due to weekly Kijun meeting lower outside line of long term bullish pitchfork + Fibonacci line for confirmation. All 3 should meet approximately in the same point if price don't deviate from current bearish pitchfork.
Credit to Josh Olszewicz for long term pitchfork and settings for Ichimoku cloud (multiplied x7 to show weekly Ichimoku on daily chart).
*The September bounce should have been lower, approximately on the low wick, the Ichimoku lines are higher for the bug in Coinbase that reported a random high of €5000).
- Long term bullish pitchfork (historically strong support on lower outside line)
- Short term bearish pitchfork (from last all time high)
- Ichimoku clouds on weekly timeline (Kijun bounce already happened twice last year after relatively short bearish period*)
- Fibonacci retracement from last bull run (confirmation)
There is high probability for reversal due to weekly Kijun meeting lower outside line of long term bullish pitchfork + Fibonacci line for confirmation. All 3 should meet approximately in the same point if price don't deviate from current bearish pitchfork.
Credit to Josh Olszewicz for long term pitchfork and settings for Ichimoku cloud (multiplied x7 to show weekly Ichimoku on daily chart).
*The September bounce should have been lower, approximately on the low wick, the Ichimoku lines are higher for the bug in Coinbase that reported a random high of €5000).
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Slight deviation from bearish pitchfork, but no volume confirmation + strong resistance from 0.5 Fibonacci retracement line
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Updated idea here:
