Yesterday's candle on 1D closed as a pin bar and RVI broke its resistance line and reached 50. Provided that RSI and MACD bounce off their support lines, then it it plausible to expect the price to follow its path as presented on my chart. This is a potential price action for a local correction that may take up to couple of days to complete. The green rectangle represents a good entry point to go SHORT.
If price action begins to follow the path then two TP may be available for grabs:
1) TP1 at 62500 USD - first level of correction.
2) TP2 at 65000 USD - this is where we have a 61.8% correction on Fib, ascending resistance line in blue colour, a resistence level based on horizontal volume, as well as a potential formation of H&S (displayed in black colour).
If price action begins to follow the path then two TP may be available for grabs:
1) TP1 at 62500 USD - first level of correction.
2) TP2 at 65000 USD - this is where we have a 61.8% correction on Fib, ascending resistance line in blue colour, a resistence level based on horizontal volume, as well as a potential formation of H&S (displayed in black colour).