Since price broke below moving averages in early 2022, the MA ribbon has been used as resistance.
The stock market has been making lower lows and each high lower than the previous one. The definition of a bear market.
We could gamble to find the very bottom, but it can only be gambling. We only know the bottom is here after the price broke its bear patterns and indicators are up. Otherwise, we would be catching a falling life.
This said, the 2D RSI is making higher lows (or at least, even lows) while price is making lower lows. That is a reversal pattern of a medium strength, it means sellers are losing momentum.
More importantly, we have a descending broadening wedge pattern that is going on for a year now. The descending broadening wedge is measured to be a reversal pattern and is bullish. Although the pattern is typically a reversal signal, a continuation of the downtrend is still possible. On a continuation, $3400 is the previous support.
The stock market has been making lower lows and each high lower than the previous one. The definition of a bear market.
We could gamble to find the very bottom, but it can only be gambling. We only know the bottom is here after the price broke its bear patterns and indicators are up. Otherwise, we would be catching a falling life.
This said, the 2D RSI is making higher lows (or at least, even lows) while price is making lower lows. That is a reversal pattern of a medium strength, it means sellers are losing momentum.
More importantly, we have a descending broadening wedge pattern that is going on for a year now. The descending broadening wedge is measured to be a reversal pattern and is bullish. Although the pattern is typically a reversal signal, a continuation of the downtrend is still possible. On a continuation, $3400 is the previous support.
Comment:
Resistance rejected!
Expecting some beear action in the stocks and crypto market.
Expecting some beear action in the stocks and crypto market.
Comment:
Comment:
Still bullish, price bouncing on previous resistance which is becoming support:
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If we were to break, it would mean a clear change of trend.