Okay so I have a few different things drawn on this chart. The largest formation is in light blue, and that's the ascending wedge type formation we broke down from. The size of it implies we may have some further downward movement; wedges suck performance wise, though, so don't hold your hat on that.
However, there's some other signs that could point to more down as well. For one, the break down of that wedge has formed a bear flag (purple lines) and is in the process of confirming the upper 9.5ks up to 9.65k (9.7k if you're being conservative) as horizontal resistance, which has confluence with a high volume node on VPVR. If this flag *does* break down its target would be right around 9.2k, an area that should be strong horizontal support (confirmed via a HVN).
Lastly, I want to talk about the RSI - the main part I'm watching is a hidden bullish divergence that will form with the local 8.85k low before this most recent runup. If you want to be less conservative, you could say it indeed already *has* formed. I'm being conservative here, maybe due to my position bias, but am more inclined to think a break down of the bear flag would form a more convincing hidden bull div around 9.2k (which would then have the current movement as just chop).
In the event I'm right and we do retest 9.2k, I'll see if we bounce there and if we do rebuy; otherwise, I'll sell the rest when 9.2k falls.
However, there's some other signs that could point to more down as well. For one, the break down of that wedge has formed a bear flag (purple lines) and is in the process of confirming the upper 9.5ks up to 9.65k (9.7k if you're being conservative) as horizontal resistance, which has confluence with a high volume node on VPVR. If this flag *does* break down its target would be right around 9.2k, an area that should be strong horizontal support (confirmed via a HVN).
Lastly, I want to talk about the RSI - the main part I'm watching is a hidden bullish divergence that will form with the local 8.85k low before this most recent runup. If you want to be less conservative, you could say it indeed already *has* formed. I'm being conservative here, maybe due to my position bias, but am more inclined to think a break down of the bear flag would form a more convincing hidden bull div around 9.2k (which would then have the current movement as just chop).
In the event I'm right and we do retest 9.2k, I'll see if we bounce there and if we do rebuy; otherwise, I'll sell the rest when 9.2k falls.