Long

Updated

Bears are pushing, but Bulls are lurking

Bears may push price down to 3250-3300$ ( key support area ) or even into low 2000$.
Yet as long as that falling wedge holds bulls will finally have the upper hand.

So it's a Long already ?
Not yet, but maybe it's not that far.

It's *about time* to stop caring about the bottom and to start *patiently building* a Long medium term position.
Use dips to your own advantage.

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Mind the fact that both MONTHLY RSI and Stoch RSI sit on long term static supports.

*IF* bulls manage to have January closing over these supports then a reversal may happen. We'll know within a very few days.

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Godmode is flashing reversal warnings by weeks now.

Be patient, get ready to jump in.
Let's see january monthly close on RSI.

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So january close broke RSI support.
Sixth red month in a row, lomgest red monthly candles strip ever.

This means 2 things imho: more chance of capitulation, but (anyway) sooner reversal.

Below the anatomy of 2018/19 correction vs 2014/15.
It's based on God Mode and LSMA.

It actually explains why i don't actually care about bottom anymore.

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Now lat's look at Lunar new Year, coming Feb 5th.

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Finally, Weekly RSI.

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"April 2020" in the balloon above is a typo. It's April 2019 actually ...

Sorry.

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Almost there.

MA break-up will likely hint the ending phase of correction.

Build your position wisely, use dips at your advantage.

Always keep a good degree of liquidity at hand, as a final capitulation can still happen and it should be a buying opportunity.
Don't get caught off guard.

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In the meantime SMA200/1W testing ongoing.

Let's see whether bulls can push up from here.
Otherwise price may route towards the lower bound of our falling wedge.

Overall picture is unchanged since opening post.

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Bulls did bush up.

Now they should manage to break through 3800$ to 4100$.
A higher high is needed, then anything may happen.

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Still under 3800$.

Currently within a (much stretched) bullish flag, which may end into a "bart".
To avoid that price shoud try to break up soon, or it will be rejected towards support.

Moreover price action is basically range based, further confined within a broader descending channel.

What's still lacking is volume, that's the biggest problem.

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Zoom:

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Hopefully ...

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Looks fine so far, let's see whether 3700-3800$ can be the base for some consolidation.

As i wrote almost 2 weeks ago, 3800-4100$ is area of resistance.

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Patience.

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Update:

NVT crossover past week, about to be confirmed.

So far so good on Godmode.

Monthly RSI back over long time support.

f-73

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f-73