We are now stable at the price where I somewhat expect we will exist August at. The MFI is still high on the daily but not overbought, but still, I would like to see that come down some more, which can only happen if we go down more or sideways for a bit. I'm confident that we are either now at a new higher low or that we'll establish a new higher low at 10.1k soon.
I am expecting that we'll be playing out the current wedge (orange) out until September at which we'll have a bullish breakout up to the new green trend line. As you can see the price got very chaotic when that was broken and the recent high consolidated at its level. If we follow the green trend line it seems that we'll be at 15k BTC by October, which is reasonable.
On the 4-hour, I am waiting for an MFI divergence to buy back in. I might be able to scalp on shorter time frames but I don't think the price is going to move anywhere soon as it's oversold on the 4-hour and I see no divergence to justify it reversing back into a rising price.
I am expecting that we'll be playing out the current wedge (orange) out until September at which we'll have a bullish breakout up to the new green trend line. As you can see the price got very chaotic when that was broken and the recent high consolidated at its level. If we follow the green trend line it seems that we'll be at 15k BTC by October, which is reasonable.
On the 4-hour, I am waiting for an MFI divergence to buy back in. I might be able to scalp on shorter time frames but I don't think the price is going to move anywhere soon as it's oversold on the 4-hour and I see no divergence to justify it reversing back into a rising price.