This is what I called a typical " shake the weak hands" dip. Traders have to remember that we had a 45days of bull run and the price now retraced 16%, it is very healthy, traders are taking some profit off the table.
The probability for the bull is higher than the bear, but since we had this big bear bar, the price might enter a trading range for the next few days before deciding to continue the bull trend or reveral.
If we look at the 4H TF
you can see we may have potential double bottom and higher low major trend reversal( if price get above 20ema, then increase the chance) . Not wise to short right now especially in daily TF until we see confirmation.
The probability for the bull is higher than the bear, but since we had this big bear bar, the price might enter a trading range for the next few days before deciding to continue the bull trend or reveral.
If we look at the 4H TF
you can see we may have potential double bottom and higher low major trend reversal( if price get above 20ema, then increase the chance) . Not wise to short right now especially in daily TF until we see confirmation.
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Even some "pro traders" are concerned about more drop to come and start to short, I think it's too early to say that, I need to see the bull shows weakness before adding shorts.