The dip continues as the price action seems to be forming a bear flag as I had hypothesized 2 ideas ago. I have readjusted the eve trendline to rest at the bottom wick of the most recent low and see that after readjusting the trendline that it is still projected to reach the neckline around May 1st. One thing I need to mention about the pink eve trendline is that the eve trendline, much like the moving average lines, is fluid and can change its currrent trajectory slightly as we go as long as the curve can still connect to the majority of the bottoms wicks we have already passed along the way with no wicks or candlestick bodies dipping below that line. The slight readjistment I have made to fit in the current price action has not effected the projected date of May 1st as the date we reach the neckline. However there is a real possibility since we didn't have as huge of a rebound as I thought we would yet off of this eve line that the trajectory of it is potentially as low as I had projected it to be 2 ideas ago which would be right around $8136. Currently the 4hr 50MA(in orange) is holding support and just below that is the 0% fib line at $8614. If we fell below the 0% fib line and went under $8614 not only would we form a lower low but at that point us falling further to the 8136 mark would be much more likely. Our current resistance level is the 23.60% fib line(in white) at $8886.90 with a range all the way down to the 0%($8614) fib line as support. As long as we don't form a lower low from here upward is the only direction we can go. If we do form a lower low I think $8136 is extremely possible and that also the eve trendline line will have to be readjusted. Unless we get a lower low only buy the dips as long as we haven't gone under the 4hr 50ma(buy/sell line) it's hard to tell which of my last 2 ideas are the more accurate one at this point. The only thing certain in this life is uncertaint.
Comment:
to put it more simply the 4hr tline(in yellow) is current resistance and the 50MA(buy/sell line) is current support. If we close a few candles under the 50ma I may short until 8145 but I more likely will just buy the dips instead although just getting a new lower low is enough to short in my opinion so I'll be keeping a close eye on that. Wanna watch us dip below the 50ma for further bear downside or get above the 4hr t line for more upside.