We just saw an aggressive sell candle. This candle had a ton of red volume and could potentially put in a bottoming area. This could be a rounding bottom situation where we end up forming.... You Guessed It! Inv H&S. Its like Sunday school where the answer is always Jesus. Flags and H&S patterns are crypto. Anyway. Don't be too scared at this point, this action allowed sellers who were scared to get out before they fomo back in at the base. If we pass the bottom of the wick in a non bottoming way but more impulsive then we might be more cautious and worried.
Watch the Grey line at 7273 for support
Watch the Grey line at 7273 for support
Comment:
Support for this Bottoming action should be 7350
Comment:
Stochastic RSI: 10, 15, 30 minute are all oversold and will be starting to go up here in a little bit. The 5 min is just now hitting the top, so as the 5 min comes down and the 1 hourly (which is currently half the way down) both converge into oversold territory then expect to see some bullish ground gained.
Comment:
Overall this higher lower consolidation will give us the fuel by lowering our overbought Traditional RSI, which 4hr is still in the upper range.
Stochastic: Still waiting on 5 minute to start to come down (100% to go), and the 1hr to finish coming down (30% to go)
10 min starting to come up
15 min poised and ready
30 min poised and ready
Stochastic: Still waiting on 5 minute to start to come down (100% to go), and the 1hr to finish coming down (30% to go)
10 min starting to come up
15 min poised and ready
30 min poised and ready
