We are currently above the 3 monthly pivots.
In order to confirm we are reversing the trend, at least for the short term, we need to confirm the top pivot as support.
Going below the pivots could potentially invalidate the trend reversal.
The current candle is the most bullish thing we have seen in the past 3 months 100%
The next target is 46K which is the first resistance from monthly CPR for Feb and the most realistic target if we managed to confirm the pivots as support (white lines).
Make sure you understand that the expectation for "trend reversal" is not necessarily to produce a new ATH.
The short and medium term expectations are only the mentioned levels and 46 could perfectly become a dead cat bounce.
After all we haven't had any relief rally and an extension of the bear trend in the weekly could still remain intact even if reaching those levels and the failing to hold.
In order to confirm we are reversing the trend, at least for the short term, we need to confirm the top pivot as support.
Going below the pivots could potentially invalidate the trend reversal.
The current candle is the most bullish thing we have seen in the past 3 months 100%
The next target is 46K which is the first resistance from monthly CPR for Feb and the most realistic target if we managed to confirm the pivots as support (white lines).
Make sure you understand that the expectation for "trend reversal" is not necessarily to produce a new ATH.
The short and medium term expectations are only the mentioned levels and 46 could perfectly become a dead cat bounce.
After all we haven't had any relief rally and an extension of the bear trend in the weekly could still remain intact even if reaching those levels and the failing to hold.
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