I believe that we will retrace up around the 61.8% level and make a lower high before correcting further down to the green box support (previous ATH). If it plays out and that support level holds, a higher high will need to be made above the 61.8% retracement, in order to avoid a bear trend.
Note
Unfortunately, there hasn't been much bull followthrough on the bounce to get us to the 0.618 fib and it seems that we are now developing a falling three methods candle pattern which may take us down to the support level. Positive momentum on the MACD is also already waning. Use caution here.
Note
Falling three methods has been invalidated. Bull momentum coming through. Still in a sideways chop though so be vigilant.
Note
The idea played out. We are now bouncing off of the support. 48k and 52k are important levels to break for more upside.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.