On the 4hr chart there are some worrying signs as we cross below most of the MA’s including the 200 ma.
markets could jump off from these kinds of setups, however there is a clear divergence again giving us a strong probability that the might accelerate.
There is heavy resistance between 10k – 12k and it seems that the bulls are quite shy of the market, even the RobinHood news could not get the market to consolidate above 10k.
We can look towards the as we go into the weekend, as most traders will most likely follow the street today, seeing it is Friday.
Like usual be patient and and wait for the market to show us the next move.
The downside could be limited to the 8k zone as there is still a whole lot of news floating in the air, however if 8k – 9k breaks there will be another round of panic selling before the bulls might charge again.
On the moon side wait for prices to consolidate above 10300 – 10500, but remember 12k is still the main obstacle.
Feel free to discuss this trade idea with us in Discord, safe trades.