Get back above $10,400 and I'm feeling more comfortable as a bull but ultimately we need to get above the top of the head. A breach below $9,750 without going above the top of the head will confirm this pattern for me and indicates a longer correction. I don't doubt the bulls can break through that resistance but we are starting to see some weakness. Stay safe!
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Bulls have a decent bounce so far. I think because we formed a falling wedge they're getting volume. This is two scenarios that I see could playing out in the bulls favor. Either a inverse H&S because they cant get above the previous hourly high or by breaking it and coming down to form an hourly higher low and changing the trend.
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Failed its breakout from the previous falling wedge and kept pushing down. Looking for a 4hr lower high now imo. Making its way above the red resistance zone would be bullish.
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Bulls got a solid move up looking for that lower high. Wicks above the red zone is good for the bears, but this next part is important. We need to go down and break $9,610 for a bearish scenario to continue playing out. Breaking $10,300 and we'll likely be looking for continuation.
Unchartedfx has the same outlook, just checked them out rn, they're waiting for the neckline to break rn before going short.
Dtradess
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@xrphodler99, good to know, and yeah looking pretty bearish at the moment.
transparent-fx
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it will be quite interesing to follow, my view
Dtradess
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@transparent-fx, thanks for sharing, and I'm also watching for this to happen. I see a large inverse H&S pattern. $8500 would be a good spot to pullback to for a hell of a launchpad back up.