- Recovery volume seems to be reducing, and a weak recovery could just be a short consolidation as RSI is indicating oversold
- MACD on the 4h chart is still far from crossing upwards, only a jump higher in price will bring those lines closer together
- BBs are quite wide, whenever MACD turns positive we may see a retest of 12700, however, as we broke the supporting trendline, it could be that it now becomes the resistance again (as seen with the previous tops)
Could this correction be over?
- Going back to my previous analysis, most corrections last year ended at the fib level 0.618, which was briefly broken during wild movements but still held a strong support. This is the second time this level is hit since Dec 22nd. If we see a new test and it breaks for longer, then it could go down to 9000, but it's early to say.
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- Recovery volume seems to be reducing, and a weak recovery could just be a short consolidation as RSI is indicating oversold
- MACD on the 4h chart is still far from crossing upwards, only a jump higher in price will bring those lines closer together
- BBs are quite wide, whenever MACD turns positive we may see a retest of 12700, however, as we broke the supporting trendline, it could be that it now becomes the resistance again (as seen with the previous tops)
Could this correction be over?
- Going back to my previous analysis, most corrections last year ended at the fib level 0.618, which was briefly broken during wild movements but still held a strong support. This is the second time this level is hit since Dec 22nd. If we see a new test and it breaks for longer, then it could go down to 9000, but it's early to say.
Thoughts?