Currently, the price started to form a continuation pattern called "Bear Flag" and the on the important area is a pretty significant sign if we make a breakout from either direction.
Let's start from confirmations and the targets:
Firstly, we get a confirmation when we get a close below the and second confirmation comes is then when we get a close below the strong $6248! This area as worked historically very well and it's enough to be in the confirmation list!
Close below $6248 and we are ready to go and test the $6000 area where is also the major counter which starts to work as a support (pulled from 24. June low and second touch 14. August low)
If the drop comes very sharp then we could even touch the 2018 low point which is currently $5755 and in this area we want to watch what the price action shows to us because this area is pretty strong considering the major counter and 2018 low!
Firstly we have to break above the round number $6500, above the March low and we have to get a close above the upper . A perfect close would be around $5580-$6610!
The targets are very short-term:
1. Around $6767 - there is a strong , the 38%(pulled just before the drop and to the low point) and different timeframes EMA's starts to work as resistances.
2. If we find so much power and (which is unlikely after the panic on the market) then the highest possible short-term target could be around $7000!
There is our which pulled from the wicks on the 4h chart, there is the perfect level 62% and also the round number $7000 which starts to work as a resistance!
Hopefully, this quick overview helps You out a little bit to confirm Your own analysis!
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We have a yesterday’s candle close below the $6500 and below the April low level which is historically worked very well, so, those are not the best signs but no panic, HH’s and HL’s are on the chart and if we find confirmation then we are still ready to go!
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BUT currently we try to break upwards from the triangle. This sign is not so significant, we have to take down the upper trendline before we can say something ;)
....aand You didn’t like it before but luckily You can do it right now :D
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