after an ascending wedge, rampant , and a , i think we're due for a correction. taking a look at 3 key zones where price could find support:
potential support 1: recent resistance level turned to support. notably where 3x long pressure ramps up and 3x short pressure cools down.
potential support 2: what was once the shoulderline of the major head and shoulders pattern. has been a strong support/resistance zone since the beginning of the year.
potential support 3: another prior resistance level turned to support, and where 4x & 5x longs will start liking their chances.
support 3 is absolutely NOT guaranteed to be the bottom, but likely where i'll consider averaging in on a few alts.
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well, not exactly how coach drew it up in practice, but there's potential support 1 for ya....
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wouldn't be surprised if the second support level is our bottom. i'm buying every dip from here on out.
@CoastGhost, obviously anything is possible, but i think it's more likely that we see a correction before that, given the confluence of bearish signals. this is just for the immediate term though, so it really just depends on your time frame. a perfectly reasonable scenario would be price finding support in the 43k-44k zone and continuing to rally to 57k. basically, i think there's a higher probability of 44k or lower before 57k.