Aight guys got some signals that it might go down even more. We got a bearish cross on the 12/26 EMA on the 4HR chart. Will the 50 SMA act as resistance or will the market come up to retest as support? Will have to wait till 4am for candle to close and confirm.
Could the B wave be forming in an ABC correction wave? If so I predict, it can go up to restest 7.5k and potentially get rejected downwards for wave C. Would 6500 be a reasonable target? Since that is where .618 is on the Fib Retracement and also near the 100 SMA as well. There is also a blue trendline that acted as resistance from 5000-6000 levels right at 6250 at the moment. Could that turn into support as well if 6500 fails? Let me know what you guys think.
Note
Here's a zoomed out view of the blue trendline.
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.
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.