Expecting a bullish move at the end of this consolidation to test the all time highs.
Key Factors
-- Key support is being tested now.
-- A push to get more sell side liquidity from the "Whales" could see a spike down to the 39k area.
-- A more gentle accumulation would be in the mid 40s (433 - 47k) Range.
-- There is divergence appearing on the RSI. Implying...
Needs confirmation on a RSI divergence, with support held inside wedge.
* Add if shorts being forced to close positions at a false breakout downward.
* add on breakout of wedge to the upside
* add final portion to position on confirmation of resumption upward.
The BTCUSD flow will drive the likely outcome here. (with ETH in mind, though BTC seems to still drive...
Not impossible we come down to a retest of the breakout in the mid 40s. That said, there is support here so accumulating long makes sense to layer into the trade.
Rejection at 47K may see the end of this down move. Question is for how long.
Thoughts
* Shorts are covering after significant deleveraging and downward pressure. (increasing short term supply)
* Longs are buying the dips and moving coins into storage. (lowering short term supply)
I'm of the opinion we are back to testing the highs by early to mid may. The...
Seems that the retrancement isn't going to happen for long, but there may be a short term opportunity here... Tight stops!
Medium term... still seems quite bullish.
