Should test a lower support level soon
Updated
A new, smaller pennant is forming. The normal target is about $200 lower. If it manages to break the strong support here at $6550 and the uptrend grey line, we should test support at about $6400, but chances are to go lower.
Comment
Even if this small pennant failed, the direction is still not decided. A bull flag should have been formed, yet a small H&S is forming on the 15min chart. We are going sideways on a line that acted as support and also as resistance, related to the 50% Fibonacci level. This small correction wave might stop as this point and send us down again. I would not trade until we have a confirmation; also I doubt that if the uptrend continues we would go above $7000 before retracing down.Comment
Whales just liquidated two short positions on Okcoin, aiming $7030. But the volume does not enormously increase. Smells like a bull trap.
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