Stair stepping down or getting ready to push up?
Updated
We have found support temporarily and still have higher lows on the 4hr. The last close took us directly below the 21 EMA, I would have liked a close slightly above it instead of below but am expecting enough upward momentum for us to retest the 46.5k level. RSI showing decreasing momentum as we are now struggling up against the 50 mark. Again confluent with a small potential rise but we should be hitting the downtrend resistance line soon. If we break above it that will be a great sign for longs. Volume has been increasing a bit as we edge downwards. Some of the slightly bearish indicators lead me to believe there may be another move downward, perhaps another small one once we get a mid-range retest. We are still in an uptrend however. If we stabilize and push above the mid-range on the daily close, I will keep my long open. If however in the meantime I see a strong rejection from this range I will close my long and think about opening a scalp short.
Note
It looks like we may be going down further instead of doing a mid-range retest. Very weak price action today.
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