A bit more sideways action as price now looks to retest long-term support (solid black).
Based off yesterday's post it would seem that we're slowly transitioning from scenario 2 -> 3.
Since the previous H4 candle closed outside of pattern there's a good chance we could continue momentum below 3k where the solid blue line would be next 'critical' support.
If 3k does manage to hold we could still double-bottom using the magenta line as neckline. I don't believe this is as likely but weekly divergence is still a factor at play.
Future PA will largely depend on D1 close imo. Look to maintain near long-term trendline in order to further attempt this bullish reversal.
*** link to related post is for 4/13, I'm not sure why I used 4/12 as yesterday's post title
Based off yesterday's post it would seem that we're slowly transitioning from scenario 2 -> 3.
Since the previous H4 candle closed outside of pattern there's a good chance we could continue momentum below 3k where the solid blue line would be next 'critical' support.
If 3k does manage to hold we could still double-bottom using the magenta line as neckline. I don't believe this is as likely but weekly divergence is still a factor at play.
Future PA will largely depend on D1 close imo. Look to maintain near long-term trendline in order to further attempt this bullish reversal.
*** link to related post is for 4/13, I'm not sure why I used 4/12 as yesterday's post title
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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.