And cover their longs if the previous range was a wykoff re-accumulation and this current thrust is the UTAD. This all will be determined soon. A bearish divergence formed on the 1H, but it is not a guarantee that price will not go up further.
Trend change is confirmed with a retest of the 4H 200ema. If price is not supported by the 4H 200ema then the whole upward thrust after capitulation has been an ABC correction and price will continue down.
If price bounces off the 4H 200ema first target is 7.6k and next one 9.15k. Price crossed the daily cloud, which is bullish but needs confirmation at the end of the day.
A transient zone is a price range where price spend very little time. It is similar to gaps in CMEs future, although not necessarily need to be filled. The old transient zone between 4k and 4.9k from April 1st 2019 was filled by a wick during the recent capitulation. there is still a CME gap at 3.5k.
Trend change is confirmed with a retest of the 4H 200ema. If price is not supported by the 4H 200ema then the whole upward thrust after capitulation has been an ABC correction and price will continue down.
If price bounces off the 4H 200ema first target is 7.6k and next one 9.15k. Price crossed the daily cloud, which is bullish but needs confirmation at the end of the day.
A transient zone is a price range where price spend very little time. It is similar to gaps in CMEs future, although not necessarily need to be filled. The old transient zone between 4k and 4.9k from April 1st 2019 was filled by a wick during the recent capitulation. there is still a CME gap at 3.5k.
