Doubt it will break the trend line so should see a sell-off for a few months
As much as we all LOVE NIO, markets do what they do - unless social media groups get involved #wsb - and in NIO’s case, I’m expecting a trend line touch as the RSI(14) hasn’t hit 50% yet. NIO reports early in Feb on delivery’s. Hoping for 7k+. 10k would be amazing...
Looking at historical events drive future predictions. In 2018, the correction after the crash was 50% of the crash. Using the same model, I'm expecting a correction to 10850 before buying in to go long.
Daily pattern is looking bullish. Plenty of room in RSI to move up.
A repetitive pattern if you look hard enough
Looking at trend lines and fib retracement. Daily in red. Hourly in blue. Fib in gold.
Past examples has shown us that we are looking for RSI divergence on an uptrend which we havent seen yet, so more downside is expected
I dont see BTC dropping when so many big companies are investing in it.
RSI sloping down + Pivot Point + Fib + resistance line = retrace (maybe)
Falling wedge (red) show price break-out upwards with target shown at red line. Elliot Wave shown in black lines with letters or numbers. Green boxes donate buying area Red donate selling area. Place stop-loss about 30 pips. Daily looks like this is going up after a smaller correction. Read comments on chart.
Analytics: D - RSI divergence (down) - Broke RSI uptrend line - Volume decreasing on buying - MACD crossover into downtrend - Wed, Fed Interest Rate hike decision (a hike should increase USD value) H - Broke support line and retested (but weak RSI retest and broke back across support line) - RSI divergence to retest line with 50 RSI - Volume decreasing on...
JPY buy back over the Asian session and held at the S/R and Pivot line. Still feeling like a Long, also comparing to the other JPY pairs. My only concern is the RSI is high with little room for movement, so how much further only time will tell.