On the above 3-day chart price action has corrected 90% since the sell signal back in November. A number of reasons now exist to be bullish, including:
1) A ‘incredible buy’ signal.
2) RSI resistance breakout.
3) Price action confirms support on Fibonacci 0.786 as measured from the July 2021 low.
4) Dragonfly DOJI candle prints on 2-day chart (not shown here).
Why $400? Very simple, the previous cycle top was predicted perfectly @ $120 by the Fibonacci 1.618. Repeating the extension takes the market top prediction to $400, see chart below.
Is it possible price action falls further? Fur sure.