Following the run up to all time high in 2017, we had a bear market breakdown that lasted the year. This period was followed by an uptrend after bouncing off the monthly 50 simple moving average. That uptrend broke at the .618 extension and gave way to another breakdown to test the 50 simple moving average. PA wicked below the 50sma and opened above the following month, and the bull market was on.
Here we are at the .618 extension with a doji candle formation following the 2021 top and subsequent breakdown. RSI level is similar to the previous reversal area (around 65) following the 2017 meltdown. The 50 sma looks to line up well with a major area of demand.
Monthly open for february is tomorrow, and im expecting the monthly to open red.
Both scenarios have printed 5 solid monthly green candles. I think we are due for the macro correction that many have been waiting for.
This could be an excellent buying opportunity for those who have been sidelined or are looking to add to a position in anticipation of the next parabolic bull run.
NFA
Do your own DD
Here we are at the .618 extension with a doji candle formation following the 2021 top and subsequent breakdown. RSI level is similar to the previous reversal area (around 65) following the 2017 meltdown. The 50 sma looks to line up well with a major area of demand.
Monthly open for february is tomorrow, and im expecting the monthly to open red.
Both scenarios have printed 5 solid monthly green candles. I think we are due for the macro correction that many have been waiting for.
This could be an excellent buying opportunity for those who have been sidelined or are looking to add to a position in anticipation of the next parabolic bull run.
NFA
Do your own DD
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BTC.D also on the monthly
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from an elliot triangle ABCDE perspective
from an elliot triangle ABCDE perspective
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RSI 14 ma crosses marked in red against the PA
RSI 14 ma crosses marked in red against the PA
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Daily is looking, well, interesting
potential H+S forming
potential H+S forming
