The "zoom out" game serves well again, as the hourly bounce got some follow through we zoom out to the 4 hour and realize just a lower high was likely.
After setting the lower high we faded back and got the new low on this consolidation.
We remain in an area with a lack of support, just the lowest price we have seen $3,129.
Bears continue to have full control and we will be watching the 4 hour downtrend for guidance.
4 hour RSI is oversold, but it can certainly get a bit more extended from the upper 20s.
4 hour inside bar also just formed, as something to watch for this morning.
After setting the lower high we faded back and got the new low on this consolidation.
We remain in an area with a lack of support, just the lowest price we have seen $3,129.
Bears continue to have full control and we will be watching the 4 hour downtrend for guidance.
4 hour RSI is oversold, but it can certainly get a bit more extended from the upper 20s.
4 hour inside bar also just formed, as something to watch for this morning.
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