Bear Trap Nearly Complete?
Just had a very nice reaction to the 4H 21 EMA in the tone of a $250+ bounce in mere minutes.
With that said, based of current and previous recent price action I believe we might see a move up back towards yesterday's previous high's which are confluent with the 200SMA and the .382 Fibonacci Retracement level.
If we can indeed break the .382/200SMA on the h4 and continue to close above higher timeframe moving averages, my next target would be the .5 Fib Retracement Level of ~$11,500.
Thanks for looking!
With that said, based of current and previous recent price action I believe we might see a move up back towards yesterday's previous high's which are confluent with the 200SMA and the .382 Fibonacci Retracement level.
If we can indeed break the .382/200SMA on the h4 and continue to close above higher timeframe moving averages, my next target would be the .5 Fib Retracement Level of ~$11,500.
Thanks for looking!
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