After the 4 hour equilibrium bull break, we are seeing follow through and a clear hourly uptrend.
As long as these hourly higher lows hold, the bulls have full control of the bounce.
Lose the hourly higher lows and we zoom out to the 4 hour chart to look for a higher low to form.
Bulls need to get back to the $6,700s to get to the middle of the weekly equilibrium range, so we still need another 5% follow through.
Bears will keep the odds in their favor much more significantly unless the bulls can recover to this level.
Keeping an eye on shorts levels as well as the ETF decision approaching at the end of the month.
Hold onto your hats, as anticipated things are looking like they will get interesting within the next month with a spike in volatility and volume.
Until then we observe for clues as to which direction is most likely.
Newer traders are patiently waiting for longer term signals.
As long as these hourly higher lows hold, the bulls have full control of the bounce.
Lose the hourly higher lows and we zoom out to the 4 hour chart to look for a higher low to form.
Bulls need to get back to the $6,700s to get to the middle of the weekly equilibrium range, so we still need another 5% follow through.
Bears will keep the odds in their favor much more significantly unless the bulls can recover to this level.
Keeping an eye on shorts levels as well as the ETF decision approaching at the end of the month.
Hold onto your hats, as anticipated things are looking like they will get interesting within the next month with a spike in volatility and volume.
Until then we observe for clues as to which direction is most likely.
Newer traders are patiently waiting for longer term signals.
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Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social