We currently are finding strong support on the day T line(in yellow) however the 4hr charts current candle has only 10 minutes left and appears like it will close well below the recent bull flag
...if so the probability of the next 4 hour candle also doing so thus confirming the breakout is pretty good. Once/If that happens we will most certainly fall under the current 1 day tline. One important thign to note is that even though we've been above the buy/sell line(50 SMA
in Orange) for several days now on the 4 hour chart, you can see we're still very much below it on the 1 day chart...so in the longer term we're still definitely in a sellers market though on the 4 hour chart we've been in a buyers market...I was optimistic we would be in a buyers market on the 1 day chart soon enough as well, but am now seeing what looks like the 200 SMA
(in blue) and the 50MA (in orange) are headed towards eachother in a way that the could cross paths within the next few days....if that happens based on the slope of both, you will likely see the 50 SMA
cross -below- the 200 SMA
which is known as the "Death Cross" and indicates that the path of least resistance is now to the downside...a very bearish
signal indeed...which will likely result in me deciding to go short again until I see some sort of definitive bullish
turnaround. There's a chance that something may happen to prevent the death cross in the meantime....but for now the slopes of both moving averages seem to indicate the highest probability will be a death cross.