Red and red line is resistance
Long trade scenario:
Long orders in the green area with T1 at bottom of red and T2 at red line. SL on the chart
Short trade scenario:
Short orders in the red area with T1 at top of green and T2 at bottom of green . May place more short orders nearer red line depending on price action. SL on the chart
Next immediate resistance levels are the 2 red lines (shown on chart below) but they have already been weakened with each previous hit. So, an impulsive move should take out these levels.
That being said, I am seeing hidden bearish divergence on D1 (price making lower high and RSI making Higher high- see chart). Hence, I am now moving my SL to entry/breakeven. Protecting capital is far more important to me than making profit.
Neutral because price is still within the support rectangle and price is decreasing with decreasing volume on H4 timeframe (which is normally bullish).
Bearish because the red line is still acting as resistance and the top line of green rectangle has not acted as support (as stated in previous update). In fact there has been 2 H4 candle closes below it suggesting the bulls are losing momentum.
If you are already not in a position, my suggestion is to stay away and watch price action.
My bias is still neutral to bearish. I think price will go sideways for some time now after such a crazy move.
Price is still within the green rectangle but I do not think this support will hold. Next support is between 5400 to 5800 (the 2nd green rectangle below the current one) which I think will hold.