If this is to happen a third time, I expect a pullback to 5420 and another rally to 5700+.
I can even tell you the exact time when the rally will begin: 00:00 UTC .
Too good to be true, right?
This is not a serious analysis, just spotted a repeating pattern and wanted to display the outcome if it were to repeat itself a third time.
Also it gives me the chance to tell you "I told you so".
Interesting to see that the downside tagged 0.5 fib. (It happened during the first surge as well, check out the first chart)
But upside (and the following dump) was a shakeout imho, not a healthy movement. On low volume too.
So I'll ignore that. I still expect this to consolidate for a few more hours (7-8 hours) and bounce when it hits the trendline.
Thanks for the comment!
Could you update us please as the 7 to 8 hours period you've mentioned has passed and we are at 5385 at Huobi/5376 at OKcoin.
Apparently the short term uptrend line is broken so history didn't repeat itself, it would've been a stretch anyway.
Personally I'm still bullish middle term but for now expect a deeper correction or at least a retest of 5350 at this point. (it's close to 5400 now)
Could be a nice scalping opportunity for the weekend.