Apologies for the messy chart, but tried to include everything that's pointing towards the next target.
1. Inverse H&S: Distance from head to neckline equals extension target from right shoulder neckline upwards. Target roughly 17.8k
2. Elliot wave 3: Fibonacci extension of 1.618 times wave1 gives target of about 18.5k.
(I would expect the next target to be somewhere between those two levels)
3. RSI well above 50 and rising
4. MACD broke into positive
5. Broke above Ichimoku cloud
6. Three times bounced already off of the resistance line of down channel. Fourth time should be the breaking point.
All these reasons give me optimism for an upcoming uptrend and market recovery, but first of all we need to break that resistance... If unsuccessful then everything could go down the drain...
I hope there are others that share my optimism.
A Satoshi for your thoughts? :) Please comment below...
1. Inverse H&S: Distance from head to neckline equals extension target from right shoulder neckline upwards. Target roughly 17.8k
2. Elliot wave 3: Fibonacci extension of 1.618 times wave1 gives target of about 18.5k.
(I would expect the next target to be somewhere between those two levels)
3. RSI well above 50 and rising
4. MACD broke into positive
5. Broke above Ichimoku cloud
6. Three times bounced already off of the resistance line of down channel. Fourth time should be the breaking point.
All these reasons give me optimism for an upcoming uptrend and market recovery, but first of all we need to break that resistance... If unsuccessful then everything could go down the drain...
I hope there are others that share my optimism.
A Satoshi for your thoughts? :) Please comment below...