To add: the red block is around $9,400-9,500.
I hate to say it but a proper pull back would be good for fuelling the $10k rocket.
$8,800 from a couple of days ago would not be a proper pullback?
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Hypothetically, what would be a proper pullback? Would we need to go as low as $7k or even lower - $6k?
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Thanks for the reply.
I'm not really looking for a price target in terms of a pull back. My thoughts are more about seeking a probably 'bottom' in technical indicators. While TA is generally not lauded in this thread, I do think technical indicators can give indications of tops/bottoms. It's all about finding
probable setups.
They ain't the truth. As long as the outcome is more than 50% in the right direction, you are leaving the area of 'gambling' and moving into the area of 'calculated bets'.
I see technical indicators declining. For example, this is RSI on the 12h chart:
This could mean two things:
- loading up for another leg up
- worsening technicals leading to a large(r) drop
While I hope for the first, the second cannot be ruled out.
Now, if we would get a punch down with the indicators I mentioned dropping in the downside area's, this would strengthen the idea that the downward move is done for now (the latest
correction in this uptrend has occurred). Without this move happening, I'm in limbo whether we are looking at worsening technicals or just technicals blowing off steam for reloading.
TL;DR: It's not about price targets, but wanting more confirmation of being at a bottom (medium term).
I hope this clarifies
