Good morning ladies and gents, you are currently in profit taking areas for shorts, but that being said, it doesn't mean the selling is done. We are currently seeing bullish divergence on the one hour time frame, although for now it looks to be upsloping consolidation after an impulse down (bear flag). I do not have a position open at the moment, as I am currently awaiting confirmation on the four hour. I do expect another impulse down, either making a slightly higher low with bullish convergence on the four our time frame, double bottom or a lower low with bullish divergence. Time will tell, but for now we have bounced off the heartline of the down sloping fib channel. The .618 and .776 are the next two targets for potential entry points. .618 ($11,000ish) .778 (10,400ish). Again, I do not recommend opening a position and trying to catch a falling knife until we have coinciding variables on the larger time frames such as the 4 hour. But as we stand, we did form bullish divergence on the one hour time frame. Some exciting stuff going on <3 Again, to rephrase for potential entry points with "Coinciding Variables" are at $11,007, $10,411 and the very slight possibility at $10,055 which I don't believe we will hit.
Note
$11,007 hit. $10,411 is the next target. This does not have to be instant, but its looking more probably every time we crush each target at such a fast pace. I am not calling the bottom at 10,411 either. Again, I won't be taking a position until we have coinciding variables.
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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.