Price rejected at short-term resistance (magenta) resulting in an H4 close under 3k. Subsequent candles attempted to push us back above but with little success.
Current consolidation is holding around short-term support (blue); expect next support around ~2850-2750 indicated by the solid black price lines.
The chance of us rebounding at this point is very slim imo. Weekly MACD is back to convergence phase with heavy sellout on recent D1 candles.
Another short-term push to 3k is possible but overall it seems like we can finally label this as a bearish cycle.
Current consolidation is holding around short-term support (blue); expect next support around ~2850-2750 indicated by the solid black price lines.
The chance of us rebounding at this point is very slim imo. Weekly MACD is back to convergence phase with heavy sellout on recent D1 candles.
Another short-term push to 3k is possible but overall it seems like we can finally label this as a bearish cycle.
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Related publications
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.