Despite the dump - Look at how the RSI never broke 50 line - which indicates whether a market is generally bullish or bearish.
I feel this trend is not over yet. The critical levels to watch are 7.4k and 8.2k.
I will not feel comfortable taking a short at the current price range right when price is near long term support.
We have to wait and watch whether this 7.4k support breaks on the daily - WITH GOOD VOLUME. Failure of breaking this support means price intends to continue higher.
Revisiting 8.2k is not a good sign for bears. Its already been tested once - so it will be weaker on the second test.
Also keep in mind there is bullish divergence on the 4 hour - which often results in the desired move. Not that it will happen 100% - but it increases the chance significantly.
I feel this trend is not over yet. The critical levels to watch are 7.4k and 8.2k.
I will not feel comfortable taking a short at the current price range right when price is near long term support.
We have to wait and watch whether this 7.4k support breaks on the daily - WITH GOOD VOLUME. Failure of breaking this support means price intends to continue higher.
Revisiting 8.2k is not a good sign for bears. Its already been tested once - so it will be weaker on the second test.
Also keep in mind there is bullish divergence on the 4 hour - which often results in the desired move. Not that it will happen 100% - but it increases the chance significantly.
Comment:
I made this idea when price was in 7.6k range. Now price already pumped near to 7,850. Hold on tight to ur underwear bears. Big boys are coming for your money!
Trade closed: target reached:
Well. That one played out well. Hope you guys made some profits!