Most likely: bounce at 42-44k. What is 99% going to happen: continued slippage. Surprisingly enough(or not), the bars pattern from the most recent dump lines up almost exactly. Great bounces on these fib lines so far, with historic levels from Jan 8, Feb 25, and Feb 28. Will we break lower than 42k? Its very unlikely so I won't bother covering it here but some other news would have to come out for that to happen, so far there is no indicators that show even a chance to go below 42k. Watch for weak bounces on 44k and 43k!! Don't get fooled. As for a time frame, the bars pattern will be a good bet. For day trading, watch the interactions with all the levels shown. Stay updated and watch how this TA turns out.
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Weak bounce #1 off of 44k!! Don't get fooled!!
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When in doubt zoom out. Since 42k is broken, we will go down to 34k. it is interesting that my fib placement lines up with the low and high fib from this bull run, which gives me more confidence on 34k being as monumental of a resistance as 42k was. WE WILL HIT 34k!! The next question is what happens if we go under that, to levels of 27k and 25k. Since we are still in a bull cycle, that lasts around 2 years, saying that these levels are unlikely is a gross understatement. Yes, 42k breaking surprised some of us, but focus on 34k.
@coinonymous, niiiice, a bit messy but obviously what works works, glad Im not the only one that saw the similarities in the last dump.
coinonymous
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@naumchuk0607, yeah messy is right...I sometimes chart smaller TF on macro chart, and am not the best on cleaning it up right away...although I've been saved more than once by "old" trend lines. Thanks for your post man!
naumchuk0607
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@coinonymous, yup no problem man, been there before, some old trend lines definitely resurface, but I use fibs instead to find those old points