This is not financial advice...
1. With a bearish engulfing candle on the weekly timeframe after a monster run it's likely the local top is in.
2. The question now is: Is this the start of a bull run, or just a continuation of the bear market?
A. Bear Scenario: The algo/fib target off this top is 1.1k
3. Bull Scenario: Where do we bounce? Things to consider:
A. Historical Retracement ranges (yellow boxes are %drawdown ranges seen at the end of the last bear market)
B. Historical Resistance/support (marked in pink dotted lines)
C. Significant Moving Averages (20 green, 50 orange, 200 blue, all weekly)
D. Significant Fib levels (I'm looking at the .5 and .786)
4. Two prices I'm looking at because all four of those criteria are interacting around them
- 6.2kish
- 4.4kish
- Best of luck!
1. With a bearish engulfing candle on the weekly timeframe after a monster run it's likely the local top is in.
2. The question now is: Is this the start of a bull run, or just a continuation of the bear market?
A. Bear Scenario: The algo/fib target off this top is 1.1k
3. Bull Scenario: Where do we bounce? Things to consider:
A. Historical Retracement ranges (yellow boxes are %drawdown ranges seen at the end of the last bear market)
B. Historical Resistance/support (marked in pink dotted lines)
C. Significant Moving Averages (20 green, 50 orange, 200 blue, all weekly)
D. Significant Fib levels (I'm looking at the .5 and .786)
4. Two prices I'm looking at because all four of those criteria are interacting around them
- 6.2kish
- 4.4kish
- Best of luck!