Lets observe a couple things that are going on. We'll start on the major time frame and work backwards.
is creating a massive divergence. broke down, price moved up and didn't follow. Could this be an indication of further downside or just a ruse?
is tapering off, appears to be losing momentum.
is now quite interesting. On the one hand has broken the red , on the other it hasn't gone up past the previous high as indicated by the purple. Not really a divergence but it's kinda there.
has crossed up.
Notice the recent candles, they appear to be losing momentum. Could this be that the buyers are just slowly getting rid of the sellers or could it be that the buyers are losing steam? Hard to tell at this point. A couple things we can anticipate now.
1. If we get a pull back to this 8k level and it HOLDS. We close our shorts and go long with a stop right under. This would indicate completion of the triangle and we can have an entry that gives us a target of at least 10k, maybe higher.
2. If it breaks 9k right now, we'll go higher. Probably mid 9's or 10k. you could easily argue we would go right up to 12.5k. The width of the triangle dictates we would go to about 10.5-11kk.
That's what I am looking at right now. What do you think?
Happy Trading and hodling,