Things are looking up but We're looking for some strong bull signals that will support makin an entry if you're not already in.
The most important signal is location of price. Currently price is in the cloud and if it breaks above the cloud then BULL signal.
Secondly is tenkan kijun cross, so as you should hopefully be able to see on my graph are the black circled crossings of the tenkan(blue) and the kijun(red) on the 4 hour timeframe. The crossing down of the tenkan(Which is average price for last 10 periouds) over the kijun(Average Price last 30 periods) signals the a bear market. As you can see first signal back around 7 k right around the retrace to 5k(It cropped this one out). The Tenkan crossing above the kijun it also is one of the strongest bull signal, especially if you get it above the cloud.This is what we will be looking for, similar to around 7k which gave a nice entry and a ride to the top. The cross down gave an exit of around $17,700 whcih will give you most of that bull trend. gives around 80% of the trend, which is enough in crypto, we are now looking for a recross where I have circled empty space in black above the cloud. This would be similar 7K but if we get a cross ABOVE the cloud rather than it in like at 7K then its an even stronger bull indication.
Finally we want to look for a kumo cloud recross, or basically see the cloud turn green again, BULL signal.
So PRICE ABOVE CLOUD, TENKAN CROSS UP OVER KIJUN, AND GREEN KUMO CLOUD TWIST. Theres also location of lagging span, but wont get into that here.. You can re enter on any of these, but confirmation of recross after price breakout would be a good combination.
Also seems to be nice W bottom formation which is a nice reversal pattern.
You want to look at higher time frames and not focus on the lower ones in order get an idea of whats going on and where you and give you more confidence in your trades and analysis, there is less noise here.
Probably the first major correction for a lot of new traders and definitely shook some people who bought the top and sold the bottom. Most of us have done it at some point.
Heres some resources on the system.