If we can not close above the top red line we have rejected a clear level, which leads me to expect long term test of the lower line around 5800. If we can get back above the red line before the daily close we may still be ok, but if not I think this is the temporary end to the bull run.
For my reference only looking at daily levels at a potential short term bullish scenario, especially with more volatility due to a lack of holiday liquidity.
This could still play out while maintaining the down long term down trend.
7850 is a well defined level that we could reject at, which would quickly destroy any short term bullish notion.
Using key levels that also tie up closely to fib levels 1.3k is not retested where the others are. In the process of price action and price discovery is this level inevitable?
We broke out of the old range once we closed below 7400. I think that we need to find a bottom for a new range to test before the next phase of price action can occur. There is an untested level around 5800 that if tested could form the new range of price action until it breaks out higher or lower. Hopefully we can close above 7400 to get back into the old range,...
Purely recording for my own interest. Using an arch tool and extending to the advanced side, it looks like the bottom wicks are slowly turning up in the arc. Several points seem to touch or almost touch the arc. I don't give this any weight at all, just recording for interest. If the line is not broken in the box it would suggest 6100 is the lowest the price...
On the daily charts there appears to be a trend line that is holding. If this dip was a correction to the trend line we could hit $11,500 around the 22nd May. Next serious resistance could be at around 10,290. Of course there is the main psychological barrier of 10K, which I expect to be past at some point, even if it is strong whale push, or liquidation fuel that...
I think we could test a new double bottom at around 6072 ish with a small bounce before deciding if heading back into a recovery phase, or plunging to be a new lower low below 6k.
I'm newish to TA and often out on timescales. Working on it :)
I think there is a chance that after some small drops we could test 9K and if we can break around 9030-9050 make a push farther up. If not i think we will drop back to regroup.
Still trying to improve my TA. Trying to keep it simple, it seems easy to end up with a million indicators etc. Drop to 8400 to 8500 dollars (6850-7000 euro range). I'd expect a small amount of sideways before heading back up
