A bit more sideways action as price now looks to retest long-term support (solid black).
Based off yesterday's post it would seem that we're slowly transitioning from scenario 2 -> 3.
Since the previous H4 candle closed outside of pattern there's a good chance we could continue momentum below 3k where the solid blue line would be next 'critical' support.
If 3k does manage to hold we could still double-bottom using the magenta line as neckline. I don't believe this is as likely but weekly divergence is still a factor at play.
Future PA will largely depend on D1 close imo. Look to maintain near long-term trendline in order to further attempt this bullish reversal.
*** link to related post is for 4/13, I'm not sure why I used 4/12 as yesterday's post title
Based off yesterday's post it would seem that we're slowly transitioning from scenario 2 -> 3.
Since the previous H4 candle closed outside of pattern there's a good chance we could continue momentum below 3k where the solid blue line would be next 'critical' support.
If 3k does manage to hold we could still double-bottom using the magenta line as neckline. I don't believe this is as likely but weekly divergence is still a factor at play.
Future PA will largely depend on D1 close imo. Look to maintain near long-term trendline in order to further attempt this bullish reversal.
*** link to related post is for 4/13, I'm not sure why I used 4/12 as yesterday's post title
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