RISE or FALL!? part 4: When are we going to turn around?!
Crypto nerds!
So if you haven't checked out my other ideas the last few days go check them out! i mentioned in PART 3 that there was a potential Ascending Triangle pattern but was not confirmed and that if we did break the support trend line and the 0.5 FIB we would track down to the Minor Support i have outlined. It has done just that, we fell and wicked twice in my minor support box to find a little bounce to the upside. Where now? well glad you asked that.
Looking at the RSI we can see a 4th wick below the 30 RSI oversold region. Bouncing in this region like that can mean that the bears are running out of steam, and it won't be long before the bulls take advantage of the lacking oversold BTC. We can definitely expect another touch of the 30 RSI region which will bring BTC down to the major support in my opinion between 8900 - 9150. like i said in PART 3, we were in a bullish trend still until something confirmed that we weren't, well i can say we are now confirmed to be in a bearish short term trend but won't be long like i said before the bulls take control again using the Major Support region to buy back up. This retracement is completely normal and healthy after such a parabolic move to the upside.
Is is possible to be bullish from the Minor Support region i have marked out, yes of course! I always have a plan to move up or down at any given point but until confirmed again that the bearish trend is over i will be playing this to the downside for now.
STAY FROSTY!
Aus-
So if you haven't checked out my other ideas the last few days go check them out! i mentioned in PART 3 that there was a potential Ascending Triangle pattern but was not confirmed and that if we did break the support trend line and the 0.5 FIB we would track down to the Minor Support i have outlined. It has done just that, we fell and wicked twice in my minor support box to find a little bounce to the upside. Where now? well glad you asked that.
Looking at the RSI we can see a 4th wick below the 30 RSI oversold region. Bouncing in this region like that can mean that the bears are running out of steam, and it won't be long before the bulls take advantage of the lacking oversold BTC. We can definitely expect another touch of the 30 RSI region which will bring BTC down to the major support in my opinion between 8900 - 9150. like i said in PART 3, we were in a bullish trend still until something confirmed that we weren't, well i can say we are now confirmed to be in a bearish short term trend but won't be long like i said before the bulls take control again using the Major Support region to buy back up. This retracement is completely normal and healthy after such a parabolic move to the upside.
Is is possible to be bullish from the Minor Support region i have marked out, yes of course! I always have a plan to move up or down at any given point but until confirmed again that the bearish trend is over i will be playing this to the downside for now.
STAY FROSTY!
Aus-
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