Hi everyone,
This descending wedge has to break eventually, and upside break of this trend-line is what the long-term bulls are waiting for. The weekly RSI approaching oversold territory. Also, we are currently trading at the descending wedge support, as well as the bear target on the fibonacci - 1.414% extension level. Also, we are seeing higher volume, which is critical for the reversal to hold.
*** NOOTE: There is still a moderate probability of a deeper sell-off - the 1.618% fib level comes in at $110.
Keep in mind, this is a long time frame to be forecasting out, so take it with a grain of salt.
Generally, i think this is a good time to start sending some crypto off to cold storage.
Hit the thumbs up, and best of luck.
This descending wedge has to break eventually, and upside break of this trend-line is what the long-term bulls are waiting for. The weekly RSI approaching oversold territory. Also, we are currently trading at the descending wedge support, as well as the bear target on the fibonacci - 1.414% extension level. Also, we are seeing higher volume, which is critical for the reversal to hold.
*** NOOTE: There is still a moderate probability of a deeper sell-off - the 1.618% fib level comes in at $110.
Keep in mind, this is a long time frame to be forecasting out, so take it with a grain of salt.
Generally, i think this is a good time to start sending some crypto off to cold storage.
Hit the thumbs up, and best of luck.
Comment:
Watch for this trend-break. $250 is huge.
