There are 3 lines of support ...
- The May 2021 lower low (Red)
- The February 2022 low (Yellow)
- The March fake-out (Green)
We broke past the February low toward the May lower low.
Why do I feel that the bottom has been reached?
- We have had 6 straight weeks of red, I am counting this one as well, (it has not happened for a very long time)
- The #RSI is still very low, almost as low as it was in May last year
- The #macd is about to break cross again, probably on the way up now
- The bad news from the Fed has been priced in, we are moving forward now.
- Prices are very low and that will bring in corporate investors, that will in turn cause retail investors to climb in, (don't wait for the whales to buy!)
I will wait until Monday to confirm the last weekly red candle and buy from now until we make it to $35500K (not sure we will make it but I will DCA from now until Monday).
TP: $44200, (the green line)
I expect a slow down/sideway around $38K, (the yellow line), but I suspect it will only be consolidation rather than a fake out again.
Also, I don't expect a sudden spike to $44K investors are nervous ... hence why I think this will last until August...
- The May 2021 lower low (Red)
- The February 2022 low (Yellow)
- The March fake-out (Green)
We broke past the February low toward the May lower low.
Why do I feel that the bottom has been reached?
- We have had 6 straight weeks of red, I am counting this one as well, (it has not happened for a very long time)
- The #RSI is still very low, almost as low as it was in May last year
- The #macd is about to break cross again, probably on the way up now
- The bad news from the Fed has been priced in, we are moving forward now.
- Prices are very low and that will bring in corporate investors, that will in turn cause retail investors to climb in, (don't wait for the whales to buy!)
I will wait until Monday to confirm the last weekly red candle and buy from now until we make it to $35500K (not sure we will make it but I will DCA from now until Monday).
TP: $44200, (the green line)
I expect a slow down/sideway around $38K, (the yellow line), but I suspect it will only be consolidation rather than a fake out again.
Also, I don't expect a sudden spike to $44K investors are nervous ... hence why I think this will last until August...