Big decline the past week, dropping over a 1000 points from the high.
We are still relatively bullish as long as we stay above the breakout line.
I expect some sort of a bounce here but not sustained, not until we retest that breakout line.
It is coming.
We have maybe a double bottom on the 1hr and some bullish divergence in the RSI.
All RSI time frames are well oversold now, so a move up to reset some of them would be logical.
https://www.tradingview.com/x/ppExjg1A
On a short time frame we may see this pattern play out, I really expect a little bounce up before down, but we are really weak at the moment so it may just go straight down to the breakout line.
https://www.tradingview.com/x/c8y5L6fd
Established short term support on the 6hr chart and volume for the sell off in declining, which suggests bears are getting weak for now.
A bounce is expected to maybe as high as $7300 and then we will asses the situation, as we are in the range for end of wave 2 and beginning of wave 3 but we might go back down first to test the breakout line.
https://www.tradingview.com/x/hvwaCVe5
Bouncing now as expected, was way oversold.
Broken up from that triangle pattern, and could make a bull flag, which a measured move takes us right to the 50% fib level.
We could burst higher but i am still not sure yet, leaning towards a retest of that breakout line 1st to confirm we are still in an uptrend.
This is the 1st green day in 7 if we can close green, hasn't done 7 red days since September last year, right before the mega bull, can history repeat?
https://www.tradingview.com/x/egoEFDkk