Bearish Triangle Break + Support/Resistance Zones
Triangle has broken multiple bars in the 1H and 2H time-frame in to Bearish signals.
RSI @ 3H has turned Bearish as well.
Willy @ 6H is indicating a dump in near future.
I have labeled zones of varying degree of support/resistance (Green, Red, Yellow Lines)
These lines were drawn with 2H, 4H, 6H, 12H time-frame modified Ichimoku Kumo Clouds (hidden).
The question: where is the bottom?
If price breaches the yellow line inside the red square area - we will have a medium/strong indication we have entered a new Bearish Trend - and may see a short bounce @ $1150. However, if we hit $1150 I give it very low odds of holding for long.
The first likely target would be around ~$1085. This would be the bottom of the 6H Kumo cloud. If we breach this odds are extremely high for a retest of last months lows or a temporary bounce around ~$1000.
We have extremely strong support in the ~$950-$975 area where we may see some sideways action for a bit.
Worst case scenario is a flash drop to at minimum ~$887 (last lowest low)
Now would be a good time to put in limit orders spread between $825-$890
RSI @ 3H has turned Bearish as well.
Willy @ 6H is indicating a dump in near future.
I have labeled zones of varying degree of support/resistance (Green, Red, Yellow Lines)
These lines were drawn with 2H, 4H, 6H, 12H time-frame modified Ichimoku Kumo Clouds (hidden).
The question: where is the bottom?
If price breaches the yellow line inside the red square area - we will have a medium/strong indication we have entered a new Bearish Trend - and may see a short bounce @ $1150. However, if we hit $1150 I give it very low odds of holding for long.
The first likely target would be around ~$1085. This would be the bottom of the 6H Kumo cloud. If we breach this odds are extremely high for a retest of last months lows or a temporary bounce around ~$1000.
We have extremely strong support in the ~$950-$975 area where we may see some sideways action for a bit.
Worst case scenario is a flash drop to at minimum ~$887 (last lowest low)
Now would be a good time to put in limit orders spread between $825-$890
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