Not investment advice. Opinions are my personal views.
Quick weekend update after the drop we just saw. No need to panic just yet. We just made a higher high and consolidated up there. One could argue this is one of those fancy diamond reversal formations. Here's what I'm looking at for the time being:
So, I do believe we go up a bit from here but I think we have about 24-36 hours to make a decision on where we go. If we break the orange trendline, break the 21EMA on the 4H (meaning we open and close a full candle below it), then we will almost guaranteed see some more downside. Potentially back to $5000. That is our next confluence zone but we've tested that area several times in April.
Trend is still up so be careful counter-trading the trend. When we do break, you will get little to no notice that it is happening.
<3 -CE-
Quick weekend update after the drop we just saw. No need to panic just yet. We just made a higher high and consolidated up there. One could argue this is one of those fancy diamond reversal formations. Here's what I'm looking at for the time being:
- We just found support at our vertical trendline (in orange) which just happens to be where the 21EMA is on the 4H
- If this is an ABC correction, we just hit the 141.4% extension in our trend based fibonacci measurement. This would lend to the idea that we go up a bit from here
- We landed on the horizontal support from the last dump (in white). We did a decent spring from that area as well. It looks decent for some more upside.
So, I do believe we go up a bit from here but I think we have about 24-36 hours to make a decision on where we go. If we break the orange trendline, break the 21EMA on the 4H (meaning we open and close a full candle below it), then we will almost guaranteed see some more downside. Potentially back to $5000. That is our next confluence zone but we've tested that area several times in April.
Trend is still up so be careful counter-trading the trend. When we do break, you will get little to no notice that it is happening.
<3 -CE-