Short Term Reversal Potential
As stated previously,
strong reversal divergence on the RSI on the daily and 4hr time frame. (Turquoise line). This divergence has been going on for awhile.
Also
- some long rejection wicks into the low 40’s
- fear and greed index peaked at 10-14, currently at 21
- low volume
- potential double bottom if candle bodies can hold 40666. Possible retest.
- that 42 wick was tested and confirmed. And we have a “grave stone” (hammer) candle on the daily.
- the aftermath of the weekly MA death cross seems to be over.
I’m watching for the turquoise RSI divergence line to hold. That could mean price gets lower into 37-39, but I would think I was lucky if it happened.
More likely bounce at 41, or here, retest 45600-46000, which consequently is the top of the falling wedge (bullish pattern)
strong reversal divergence on the RSI on the daily and 4hr time frame. (Turquoise line). This divergence has been going on for awhile.
Also
- some long rejection wicks into the low 40’s
- fear and greed index peaked at 10-14, currently at 21
- low volume
- potential double bottom if candle bodies can hold 40666. Possible retest.
- that 42 wick was tested and confirmed. And we have a “grave stone” (hammer) candle on the daily.
- the aftermath of the weekly MA death cross seems to be over.
I’m watching for the turquoise RSI divergence line to hold. That could mean price gets lower into 37-39, but I would think I was lucky if it happened.
More likely bounce at 41, or here, retest 45600-46000, which consequently is the top of the falling wedge (bullish pattern)
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