We had a more bullish night last night that has given us a solid green candle to light the fire of hope that the bottom is in. I advise caution however as there is more work to be done. There are a few positive signs that the bottom may be in, but it's not confirmed yet. RSI (yellow line bottom indicator) has just put in a higher low, while price was still in decline. This is exactly the divergence we want to see at the trend reversal. The second very position sign is that On Balance Volume is starting to trend up. This is a good indication that buyers are starting to accumulate in this area and sellers are becoming exhausted.
What we really need to see is a break above the 0.382 Fib level at around $58K. Ideally, price will break this level then come back to retest. A successful retest of this level will put the bulls definitively in the driver's seat and I'll be all in. This is a bull market so we may not get a retest. I'll be taking some positions on the break and then adding to the position depending on price action after that, just in case there is no retest.
What we really need to see is a break above the 0.382 Fib level at around $58K. Ideally, price will break this level then come back to retest. A successful retest of this level will put the bulls definitively in the driver's seat and I'll be all in. This is a bull market so we may not get a retest. I'll be taking some positions on the break and then adding to the position depending on price action after that, just in case there is no retest.
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