Are we seeing a the clouds clear up??
If we fill out all of these scenarios we may see some serious recovery happen over the next month as we approach the tip of this .
I am seeing a Head and Shoulders pattern possibly fill out here pending some ideal conditions:
- double bounce, cross, and separation due to oversold condition signaling movement upward.
- staying above or bouncing off of 32 level and increasing strength into the zone.
- And most ideally, a MACD crossover as close to, if not on, the Zero line. I see this consistently, MASSIVE movement after a cross ON the zero line.
Oooooofffff course....... it could very well break out below the , but that's not a happy thought. Plus I prefer to make rockets on my charts, not missiles =)
The price might bounce off of the $7510 resistance, but will likely hit the $6950 to $7000 range before it begins recovery, this is kissing the current as well as a strong resistance intersection point.
Assuming these conditions are met and the price doesn't jump off of a cliff , we need to see some consistent closes above previous resistance lines, and hopefully we will see a positive breakout of the come end of March or beginning of April.
However, if it drops below that , the next identified support is at the $6100 to $6200 range. Fingers crossed that I will not have to reevaluate due to those conditions.....
I seriously put a lot of work into my rocket.
Standard disclaimer: This is not financial advice, just ramblings of some dude that likes looking at, and drawing on graphs.