And I think that's too high for this period in the cycle.
As the triangle that contains the S2F values shows, also promising a much less volatile future, we can go to approximately 2.5 on a monthly basis. Longer term, we have more correcting to do; which is not so strange as we have moved up very quickly in a relatively short period of time.
Indicators
Monthly: trend is up, indicators are neutral
Weekly: correcting from the top at almost 14k$
Daily: approaching oversold but the BB have not been touched yet
8 hour: Oversold and turning up
3 hour: Turning up from oversold with divergence on the MACD's
The short term indicators are pointing up. So, at least we should get a correction. But it's equally possible that we go up quickly and make a new top only to turn down again.
Anyway, I don't think we've seen the bottom of wave 2 yet. For that we need to correct more.
Nice work
Bottom between 7-9k somewhere
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