TA: First things first, we had the inverse head and shoulder( ish ) pattern that everyone and their mother was watching and then it failed which is not so surprising (as everyone was watching it lol). And now because it failed we have tested the bulls patience everyone is sure that this was the great bull trap of 2018 and we are in for a long bear market. The culmination of this double fake out has now morphed the price action into what looks like a clear to me (which if broken to the upside should at least test ATH's). *If that happens it opens up possibilities for some type of inception LOL...but take it one step at a time.
Can I be wrong and all support will break? Of course, be careful out there (I think we would need some type of catalyst but who knows panic is unpredictable).
Good luck and most importantly have fun!!
Oh well, here's the bear scenario:
Possible its just one last shake out but the way this candle is shaping up...seems like the bear scenario is coming.
Is it possible the bull picture and general idea is still alive/we just saw the bottom? Sure it is, but so far it seems like demand is dead in this market and the big players want lower prices before they start entering the market again. For the bull picture to remain alive we would have to start closing daily candles back above the 200 MA again...could happen but seems less likely at this point.