I am certainly considering a more "bullish" short term, possibly visiting the upper part of the . Yes we are still in a downtrend.
All of this is overshadowed by the 50/100 bear cross on the daily that occurred today, practically sealing any hopes of crossing 20k in the the coming spring. we are most definitely consolidating 2 year of gains.
however, this is besides the point.
another interesting development could be a repeat of what happened early on in this downtrend.
We received a typically signal back in early January, the 50/100 cross on the 4 hour. The moment it crossed, however, we had hit overbought status on the 4 hour and initiated a pullback. Little did we know that would lead to a cascade of sells.
Looks like the cross is still a day away or so, but as the tops out, we all expect a pull back on the 4 hour chart. how far back?
We are still in the , after all. Should get interesting at the bottom of the .
Still not exp xting any serious ath treats in next couple few months.
Falling below $9100 significantly would invalidate the EW count and this idea would pan out. Instead, this would've been an ABC corrective move.
Currently, I see a beautiful weekly green candle closed behind a spinning doji.
I'm looking to buy in mid to high $9k region.
Stop below $9k.
Target is the FOMO through the downtrend line. Selling on 4 hour overbought conditions and possibly other indicators confirming this.