The recent price movements look good. It doesn’t change the fact we are still in the bear market. Don’t get too emotional. Don’t be over- enthusiastic and don’t panic. Emotions are not the best adviser in this case.
What has to happen to finally reverse the trend?
Well, some points were already fulfilled.
The price has crossed $3800 and $4000.
The price has also stopped at $4180. We have to go further.
The next compulsory levels to break are $4380 and $4500. The price movements should be like those marked on the chart (WXY). The correction after rally should stop at $4500.
If you don’t feel safe enough you can wait till we break $5800 – 6000 level (better visible on the weekly chart).
Moreover we have observed MACD positive divergence and finally, the accumulation phase has started.
We bounced from the lowest level since February 2018 on accum/dist indicator.
Keep observing our profile in order not to miss the update.
Thanks for being here.
What are your insights? Are you still fearful or rather more optimistic?
One more comment: Ichimoku Cloud – the price chart has broken up Tenkansen (red line) which is currently above KijunSen (blue line). All of them are above the cloud which is super healthy. Remember it is on 4h chart. We have to wait a bit till it looks as healthy on the daily chart.