There are a lot of small shorts opening to front run a potential next lower high but our support in this consolidation is parabolic and the 1h bearish divergence is being supported by the bulls to prevent the divergence confirmation of crossing below 60 on RSI 14.
We also had that spring with massive volume , and this trend is old; not to mention basically everyone is looking for lower highs to short.
All the ingredients are there. I give it a 55% chance we squeeze up to 40-42k or 50-52k.
If we break our parabolic support, we can then use wykoff analysis to determine if we are in a reversal to back-test 33k support or if a bullish higher low will form.
We also had that spring with massive volume , and this trend is old; not to mention basically everyone is looking for lower highs to short.
All the ingredients are there. I give it a 55% chance we squeeze up to 40-42k or 50-52k.
If we break our parabolic support, we can then use wykoff analysis to determine if we are in a reversal to back-test 33k support or if a bullish higher low will form.
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bigger picture, running flat pattern `potential` on the weekly. if we turn 65k into support again we should go parabolic on the weekly.Note
Potential Long Entry:Note
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Note
Potential Cup n Handle today
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The option no-one expects (myself included).Trade closed manually
Looks like we are potentially confirming a lower high here. more downside to come?
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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.