We got out of the downtrend channel, which I drew 8 days ago as you can see here (I used my original chart and only switched the time-frame from 3-minutes to 30-minutes). And take a look at the Fibonacci retracements (those are the same Fibs I drew in the original chart):
But I see the risk that the downtrend will continue, which I explained in detail here:
tradingview.com/v/7mPxsnSP/
HerSerenity
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Well, corrections leave the downtrend channel most of the time, given it's not a flat :p
A different take:
ChartArt
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Is your outlook bullish or bearish based on your chart?
HerSerenity
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Neither, as of now it's a simple .618 correction and the fibonacci channel provides future levels for the former based on the preceding trend.
Breaking one level usually means it will touch the next one soon; vice versa, failure to do so will probably throw it back down to the last one as seen above. Thus you could say as long as the 1.0 resistance is holding, the downtrend is intact.
FluidicFX
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Your down channel was right on.
ChartArt
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It actually surprised me, because I usually never draw channels.
HerSerenity
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Don't use US charts with big spread for such small scale analysis. Just take a look at the market leaders and you'll see it's scratching the support line all the time, not going up a tiny bit and 100%-correcting any local overboughts after 6 hours, at the latest.
Besides that, the recent drop had definite breakout character, the beginning of something bigger -- just compare the volume, the only time frames it was that low were right before: $807 > $340, $450 > $680.
ChartArt
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I'm watching the 1-minute and 3-minute charts all the time at a correction bottom finding process. It helps me to see the trend hours before others see it in their slow 4 hour or 1-day chart. Trust me, I know what I do :) It worked every time so far. I even waited one day to be one the safe site and it looks even better now.
It's ok if you don't believe me. I'm happy to be proven wrong, but there has to come some very bad news - very soon - to stop this bottom process.
ChartArt
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But if this bottom breaks, we are really fucked and the price can go down to $550, $450 or even much lower down the drain, if we even break the 200 day moving average price - which is currently at exactly 600 US Dollar.
But I see the risk that the downtrend will continue, which I explained in detail here:
tradingview.com/v/7mPxsnSP/