The horizontal lines are extremely significant Fibonacci ratios based on the 69D chart. The market attempted / is attempting an MA 3/12 Golden Cross after falling below 3.618. Short targets are given assuming that bulls fail here. Ultimately, this would be a lower high and price will fall to a lower low, precipitating lower and lower price targets. The ultimate target is $32,000.
Note
1D: Low => High => Higher Low => ?4H: Look at 4H Bollinger Band. TD Sequential Perfected Buy Setup at Bollinger Band lower with oversold indicators suggests that price MUST achieve a higher high now with a target of 4.618 Fib @ $53,506.15 or the Weekly short scenario is in play.
Note
Bullish move incoming.Note
Liftoff:
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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.