No 4hr higher low established yet only inside bar consolidation;Here is a basic layout of all the major support and resistance lines currently on the 4hr chart. The t line has been acting as resistance for a little while now but is teetering on the brink of flipping back over to support. If it does I anticipate the 100% fib line will become the current resistance. If it maintains resistance at the T-Line then we will likely see support again at the 200MA which has been holding strong so far. If it somehow breaks under the 200MA I will short a very small fraction of my position and try to limit buy it back around the 50MA...but even shorting then is a bit of a risk since we are now in a buyers market on the 4hr chart after closing more than 5 consecutive candles above the 50ma. In a buyers market it's always much smarter to just buy the big dips rather than selling any of your position. However since we are yet to be above the 50ma on the 1 day chart, I have a feeling this risk could be a smaller one. If it doesn't flip the 200ma from support to a consistent resistance however I will not be shorting at all. With these inside bars we still technically have yet to have formed any sort of higher low...so we are still somewhat due for a potential dip..if the dip happens, the lowest I think we could possibly drop from a retracement at this time is the pink curved eve trendline down at 7000. I am quite confident after seeing it unfold for many days that the a&e double bottom pattern will indeed be validated. One other big thing of importance to notice is the slopes of the 200ma and 50ma on the 4hr chart....the 50ma moving upward with the 200ma sloping downward....you can already see an impending Golden Cross on the 4hr will likely transpire within the next few days to a week from now. It's not quite as big of a deal as if a golden cross occurs on the 1 day chart, but it should still provide a solid bullish boost none the less which will likely eventually lead to a golden cross on the 1 day chart as well and far mroe upside to come with it. On my last idea post I showed you how on the weekly chart there is a large descending wedge which should reach it's apex around the 23rd of April...I ave a feeling we will break upward from this descending wedge before that date and the upside projected price targt from a bullish breakout of that will definitely lead to a golden cross on the 1 day chart and potentially a new all time high sometime in June. Still, keep an eye on support and resistance zones, because a retracement all the way down to the eve line is still a very real possibility in the coming days. Of course so is the possibility of consolidating sideways until the 19th and then continuing to go up. HODLing and buying the dips seems like the smartest strategy for now. You choose your own path though as this is not financial advice. Good luck and thanks for reading!
