I know the lines are getting pretty messy, but here's my TA
Clear Bullish Divergence on the daily. This we can assume means we won't drop below 7.4k before we have bearish divergence.
We are currently on the orange trend line with a few possibilities. We could form a descending wedge down to 8.4k before breaking upward. We could fall to 7.8k before reversing.
Even longer term we'll be waiting to break through the purple trend line and make a higher high from the 10.3k spike, but this could occur anywhere from 9.5k to even 12k.
My safest bet is to short as there is resistance at 9.1k and 9.6k. We'll either ride support down to 8.5k or break down to 7.8k.
On the 4-hour we might be having bullish divergence or we haven't fallen far enough yet.
We are currently on the orange trend line with a few possibilities. We could form a descending wedge down to 8.4k before breaking upward. We could fall to 7.8k before reversing.
Even longer term we'll be waiting to break through the purple trend line and make a higher high from the 10.3k spike, but this could occur anywhere from 9.5k to even 12k.
My safest bet is to short as there is resistance at 9.1k and 9.6k. We'll either ride support down to 8.5k or break down to 7.8k.
On the 4-hour we might be having bullish divergence or we haven't fallen far enough yet.
Comment:
we have bullish divergence on the 4-hour. We can do a quick long.