We are at the top of this big downtrend channel. Waiting to see if price is able to break through. Watch out for a break of this upwards channel to the downside, the bear not out of the woods yet. Deciding point for now.
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I will be looking out at the 23.6 and 38.2 retracements for potential buy areas. If it drop further I will reassess the bull move.
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On Daily we are at critical juncture, the market is not bullish yet on the Daily, we need to blast through 10k to change the current bearish sentiment. Or else we will fall again.
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First test always get rejected. Be careful.
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That was the China fud back in September.
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Watch out for a break, first support around 8600 where the 200 EMA is on 1H.