Head & Shoulders formed on the 4 hr time frame. 20 EMA already crossed over below other EMAs. 50 EMA about to cross over below 100 EMA as well.
(My first Chart ever. Completely new to technical analysis, please correct me if I am wrong. Intend to learn as much as I can. Got a lot to learn. Be kind enough to share your knowledge. Thanks.)
Komen
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I forgot to add that the 20 EMA which seemed to be acting as support just before the sell off appears to be the bug resistance now. Is that right?
Komen
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On the 1D candlestick, the only two times in 2017 when we fell below the 100 EMA were significant pullbacks and we bounced back up pretty quick. The first one was around 16th of July (when we fell to $1800 approx) and the second one around 15th of September (when we fell to just under $3000). If it is a similar pullback which doesn't erode the overall bullmarket, it should rise back up pretty quickly if indeed it falls below the 100 EMA (around $8000-9500). Otherwise we might be in for a deep pullback.
@cukiman, Thanks. I hope you are not being sarcastic. I was scared to even publish this for the fear of getting ridiculed :D
cukiman
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@ShaeqAllaie, Not sarcastic at all. I think this specific analysis is correct and believe that we're in a clear sellout. Not sure when the trend will reverse