SIBBTC - Thoughts on a potential trend reversal
Updated
SIB daily price is still under the MA cloud giving bearish sentiment, however it appears that price has reached the edge of the red 4H MAMA line indicating an e2e trade could play out. If this e2e trade plays out it will put price above both the Tenkan and Kijun lines on the Ichimoku 4H which indicates price could move higher. If price gets passed this zone of resistance and enters the daily MA Cloud, this will put SIB in another e2e trade with the daily MA cloud, which puts it in an even larger e2e trade on the Ichimoku 4H and possibly daily.
I have marked the 4H e2e play with the first two arrows from the bottom. The third arrow is the start of the daily cloud and the top most arrow is the target on the Ichimoku 4h e2e trade.
Ichimoku 4H chart:
I have marked the 4H e2e play with the first two arrows from the bottom. The third arrow is the start of the daily cloud and the top most arrow is the target on the Ichimoku 4h e2e trade.
Ichimoku 4H chart:
Comment
Price making it's way to daily MA cloud edge:Comment
Wow. Comment
Price has moved 110% BTC over the past 24hrs and has retraced back to the daily MA cloud. If we get a close today above the daily cloud overall sentiment will be bullish, else there could be a retrace back under the cloud.
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