Hi everyone. I’m a noob trader giving you my take on the market.
As you can see btc has bounced off that pink trendline many times. Currently its falling to confirm it as support, which is promising.
It had strong weekly divergence that caused a strong sell off but as you can see it is currently about to test the rising weekly RSI trendline. This is also promising.
Thirdly, the sell off dumping volume for this correction imo seems really insignificant and shallow- leading me to believe that these dips will be bought up pretty hard. Similar to when it bounced at 3.2k and slowly did a deep retrace before it skyrocketed to 14k
Finally, its about to hit the base of the weekly ichi cloud and hit the base line and convergence line at the bottom of the cloud (I’ll post a snapshot of that). This is also promising.
Overall, even though (for me) it feels kinda scary buying at these prices, i believe that there are many factors that suggest that btc will eventually at least retest the high it made at 14k before deciding to continue or dump.
As you can see btc has bounced off that pink trendline many times. Currently its falling to confirm it as support, which is promising.
It had strong weekly divergence that caused a strong sell off but as you can see it is currently about to test the rising weekly RSI trendline. This is also promising.
Thirdly, the sell off dumping volume for this correction imo seems really insignificant and shallow- leading me to believe that these dips will be bought up pretty hard. Similar to when it bounced at 3.2k and slowly did a deep retrace before it skyrocketed to 14k
Finally, its about to hit the base of the weekly ichi cloud and hit the base line and convergence line at the bottom of the cloud (I’ll post a snapshot of that). This is also promising.
Overall, even though (for me) it feels kinda scary buying at these prices, i believe that there are many factors that suggest that btc will eventually at least retest the high it made at 14k before deciding to continue or dump.
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Ichi and rsi snapshot
