Fractal analysis.
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Not a good look here. Think 3-day RSI tests 50-40 area.
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Fake out. Upwards consolidation still in play!
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If we're consolidating upwards. I'm targeting 92k.
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If we break down this is what I'm seeing.
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Nice bounce off kumo twist @56k. I don't want to see a close below otherwise upwards consolidation play is done for.
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Fractal comparison update. Redrew the squiggly to fit the time frame a bit better.
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uPwArDs CoNsOlIdAtIoN
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3 Day bearish divergence on RSI negated. Conservative 1st target zone 68-74k. Blow off top 92k-120k.Note
RSI currently sitting on 44. 2016/2017 bull run respected this level. Would Ideally like to see this hold, but price action seems to want to see lower.
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Ded.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.