I see many things on this chart that are Bullish in my opinion:
Lets Start Large and Move Smaller:
1) There is a very large Adam and Eve in play with a neckline at 11.6k and Eve is playing out
2) The large downtrend line is the yellow, we are not going to gradually just roll through it so a reset in price and consolidation of the strength/momentum indicators needs to occur
3) An inverse Head and Shoulders is occurring as we need to create the tip of the right shoulder
4) Small Adam and Eve just played out with RSI bullish divergence. It completed within $10 of it's target price so it is due for correction.
5) The correction to 7500 would be from a rising wedge breaking down, test of resistance turned support, resetting of RSI to 50 for next leg up and also would be the completion of the inverse Head and Shoulders with a right shoulder above the left which would be very bullish.
6) Break of the inverse Head and Shoulders and the Long-Term Downtrend line would occur at the exact same time at 8.2K and would be extremely bullish and we would likely go to 9.4k quickly. I see this happening with huge volume as the iH&S and Long-Term downtrend line will need the volume for a break which is why the reset of momentum indicators and a retest of 7.5k is needed.
7) Slight correction from 9.4k to reset again and finish out the Long-Term Eve pattern at 11.6k.
From 11.6k I will reassess before then as I am not sure if we will be ready to break the larger A&E yet.
Lets Start Large and Move Smaller:
1) There is a very large Adam and Eve in play with a neckline at 11.6k and Eve is playing out
2) The large downtrend line is the yellow, we are not going to gradually just roll through it so a reset in price and consolidation of the strength/momentum indicators needs to occur
3) An inverse Head and Shoulders is occurring as we need to create the tip of the right shoulder
4) Small Adam and Eve just played out with RSI bullish divergence. It completed within $10 of it's target price so it is due for correction.
5) The correction to 7500 would be from a rising wedge breaking down, test of resistance turned support, resetting of RSI to 50 for next leg up and also would be the completion of the inverse Head and Shoulders with a right shoulder above the left which would be very bullish.
6) Break of the inverse Head and Shoulders and the Long-Term Downtrend line would occur at the exact same time at 8.2K and would be extremely bullish and we would likely go to 9.4k quickly. I see this happening with huge volume as the iH&S and Long-Term downtrend line will need the volume for a break which is why the reset of momentum indicators and a retest of 7.5k is needed.
7) Slight correction from 9.4k to reset again and finish out the Long-Term Eve pattern at 11.6k.
From 11.6k I will reassess before then as I am not sure if we will be ready to break the larger A&E yet.