It feels to me as if 200 D Moving Average may serve as the final spring for the last dip.
Surely, there are always several scenarios possible and no support is unbreakable (we should prepare for alternatives and watch). However I perceive the overall mood as already bullish and rather hopeful. It is as if we all knew, that after the bounce of the price even from the real bottom (assuming we have found one) may never grow straight away to the moon, it had to make its polite bow to the upper limit of the bearish channel about 12 000 no matter what. So we had tread carefully around those places and let it fall back once more. However the overall sentiment is already present: "Is this already the final dip" and where is it going to turn?
Some are expecting it to fall yet beyond the last support - they say it has to make one more full wave to the bottom. (I don't trust that there is enough FUD to defeat the support on 5900-6100). Yet even they expect it to be "the last" one, where they are gonna buy it all :-).
Some are expecting double bottom on 6000 (well I incline to see it as one of possible scenarios). Double bottom is double bottom, right?
And others feel, that the sell pressure will be not enough to even send it there. You know what? There is already very small number of bears and those who are being afraid of bears ... I feel spring in the air.
In such a case ... I was looking on that possibility and found it rather plausible, that the place indicated with magenta rectangle has confluence of several trends... and especially, that the price is going to meet it's own 200 Day MA around those parts. Given the overall sentiment, I see it as likely, that the strength of 200MA may be enough to make the price to jump up convincingly and have it pierce the upper part of the channel.
And that would be the end for the bear, right?
(One more thing, if the price would make last spring on the underlying trend .... than the whole correction from December till now would kind of resemble HUUGE BULL FLAG ... though I know that is a bit hilarious)
I appreciate all comments and thoughts.
(Moving averages represent 100 MA and 200M even though they are calculated on 1H candle chart ... just 2400 and 4800 period .... i tested it and it is fully identical)
Surely, there are always several scenarios possible and no support is unbreakable (we should prepare for alternatives and watch). However I perceive the overall mood as already bullish and rather hopeful. It is as if we all knew, that after the bounce of the price even from the real bottom (assuming we have found one) may never grow straight away to the moon, it had to make its polite bow to the upper limit of the bearish channel about 12 000 no matter what. So we had tread carefully around those places and let it fall back once more. However the overall sentiment is already present: "Is this already the final dip" and where is it going to turn?
Some are expecting it to fall yet beyond the last support - they say it has to make one more full wave to the bottom. (I don't trust that there is enough FUD to defeat the support on 5900-6100). Yet even they expect it to be "the last" one, where they are gonna buy it all :-).
Some are expecting double bottom on 6000 (well I incline to see it as one of possible scenarios). Double bottom is double bottom, right?
And others feel, that the sell pressure will be not enough to even send it there. You know what? There is already very small number of bears and those who are being afraid of bears ... I feel spring in the air.
In such a case ... I was looking on that possibility and found it rather plausible, that the place indicated with magenta rectangle has confluence of several trends... and especially, that the price is going to meet it's own 200 Day MA around those parts. Given the overall sentiment, I see it as likely, that the strength of 200MA may be enough to make the price to jump up convincingly and have it pierce the upper part of the channel.
And that would be the end for the bear, right?
(One more thing, if the price would make last spring on the underlying trend .... than the whole correction from December till now would kind of resemble HUUGE BULL FLAG ... though I know that is a bit hilarious)
I appreciate all comments and thoughts.
(Moving averages represent 100 MA and 200M even though they are calculated on 1H candle chart ... just 2400 and 4800 period .... i tested it and it is fully identical)