We're approaching the capitulation / sideways movement phase of the bubble curve after seeing the bull trap followed by
panic selling, a price reversal candle, and then narrowing price action range.
Significant early entry buying marks a shift in momentum of sentiment, where most sellers have either exhausted their supply or are holding through the correction.
This will result in a market direction shift back to the upside after a period of consolidation that could last a few days to a few weeks based on past similar
chart patterns.
Now is a period where most buyers are waiting on a strong bullish signal to buy back in, which will result in strong movement to the upside when it occurs.
Couple that with the backlog of buyers waiting to be approved on their trading accounts and the result will be a strong bull run in the nearterm future.
panic selling, a price reversal candle, and then narrowing price action range.
Significant early entry buying marks a shift in momentum of sentiment, where most sellers have either exhausted their supply or are holding through the correction.
This will result in a market direction shift back to the upside after a period of consolidation that could last a few days to a few weeks based on past similar
chart patterns.
Now is a period where most buyers are waiting on a strong bullish signal to buy back in, which will result in strong movement to the upside when it occurs.
Couple that with the backlog of buyers waiting to be approved on their trading accounts and the result will be a strong bull run in the nearterm future.
Comment:
The breakout is strong following this brief consolidation - good evidence that the reversal will continue to gain momentum
Comment:
Looks like the correction was not as over as I initially thought... can't win em all I suppose. Next major support is near 8000-8500, but could bounce above that if people are anticipating a strong reversal.