2023 started with the first positive (bullish) momentum breakout since 2021. Going into February it needs to reset, which means price retracing.
Bulls want to hold the first green box (~$21k) and confirm the Nov-21 diagonal resistance (white line) as support.
Bears want to drop below that Nov-21 diagonal resistance (white line) to retest lower levels. I'm watching the 38% to 50% retracement levels since they correlate to high value areas within the value range. Outside of extreme SEC moves I don't see a catalyst for sub 62%.
At a minimum I'm hoping to see a response from the TSI as it approaches the signal line (blue meets red). I'd like to see that happen near one of the key levels I identified... which will give us the highest probability (imo) for support.
Bulls want to hold the first green box (~$21k) and confirm the Nov-21 diagonal resistance (white line) as support.
Bears want to drop below that Nov-21 diagonal resistance (white line) to retest lower levels. I'm watching the 38% to 50% retracement levels since they correlate to high value areas within the value range. Outside of extreme SEC moves I don't see a catalyst for sub 62%.
At a minimum I'm hoping to see a response from the TSI as it approaches the signal line (blue meets red). I'd like to see that happen near one of the key levels I identified... which will give us the highest probability (imo) for support.
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