A look at the 3 Day chart is showing eery similarities to price action the week of Feb 24, 2020... just before the major COVID crash in March. No one was prepared for the crash in March 2020, and many were either stopped out or were left holding a bag and missed a huge buying opportunity
RSI is weakened compared to the 2020 - 2021 bull run, and has broken down just as it did the week of Feb 24th, 2020
Price has established a Lower High - the complacency bounce from 29K to 52K was impressive, and should have been treated as a swing trade. Just as it did the week of Feb 24th, 2020, price has dropped suddenly
Consider the 20 % drop yesterday a warning...
Expected price action over the next few weeks:
- drop to 39K
- rebound to 44k
- drop to 24k
BEARISH and waiting for a buying opportunity when Daily RSI gets below 20.
RSI is weakened compared to the 2020 - 2021 bull run, and has broken down just as it did the week of Feb 24th, 2020
Price has established a Lower High - the complacency bounce from 29K to 52K was impressive, and should have been treated as a swing trade. Just as it did the week of Feb 24th, 2020, price has dropped suddenly
Consider the 20 % drop yesterday a warning...
Expected price action over the next few weeks:
- drop to 39K
- rebound to 44k
- drop to 24k
BEARISH and waiting for a buying opportunity when Daily RSI gets below 20.
