Potential Tweezer bottom
broken by current candle. Look for and expect the 200MA to get touched. We are surely retesting support levels at this point as RSI
on 6H and higher Timeframes continues to move lower. A text book ABC
correction, would plow threw prior weeks price levels as if last week never happend. I dont think that is in order here as the volume
on the drop from 11K was very low, however on a 12H time frame a full retest of even last weeks support takes us to 5300 sat, the bottom of the 12H Bband and surely a sharp down turn indicator wise. There have been some nice intra day plays, however if the 200MA doesnt hols on a 2H I think we will retest the lows of the past 30 days. This would also plow right past the last few weeks wedge
, and probabaly destroy any chance of seeing local highs again for quite a while. I have been buying the 200MA on this latest dip, however have a tight stop loss and have no problem fomo re-entering if the market displays stop-loss hunting characteristics.
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