Local top reached OCEAN/BTC
Local top reached on OCEAN/BTC pair.
Reasons:
1) RSI resistance hit, same as previous local tops
2) Bearish divergence at RSI 70, same as previous local tops
3) CMF crossing zero line
Reasons:
1) RSI resistance hit, same as previous local tops
2) Bearish divergence at RSI 70, same as previous local tops
3) CMF crossing zero line
Nota
Rising wedge seems to have been validated, looks like a retest now. Nota
Nota
potential re-entry target, based on traditional rules of rising wedge: Nota
note the RSI breakdown highlighted in RED:Nota
support holding for now (dashed red line) but I won't start "looking for longs" until this lower blue RSI trend line is touched and I start to see bullish patterns develop. What we're seeing now is a backtest, essentially investors/speculators giving short sellers yet another opportunity to exit their positions closer to the top, then the correction continues.
I expect the red dotted line to be broken, even though it's holding for now.
Nota
I'll start looking for signs of a bottom when RSI is in the zone I outlined in red. Note the highlighted bounces in RSI/price (highlighted in blue), indicating we may consolidate/bounce. However these zones never signal a bottom. The zones outlined in red (on RSI and price) are where the bottom occurs. I like ~350 and ~400 for potential bottoms, we'll have to see where price is when RSI is "in the zone."
Nota
Looking like a potential bottom, let's wait for the next low to be printed and I'll make a final call when that happens. bounced right in the zones! Nota
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