Keeping it simple, we will soon find out if the bulls are done here or are we just getting started.
Close daily below 39.6k and I think we set a new low, close above and we will find trend continuation is more probable. Currently we have two waves from our local bottom and will like to see one more wave (5) to confirm the bullish scenario. Should we lose 39.6k on the daily, we would have completed a ABC correction up from our last marked down correction and new lows are on the table. This will also confirm a larger ABC Flat correction and after liquidity is taken from the lows, we will most probably see our last run up for this cycle to complete.
Note: The macro environment is on a knifes edge at the moment and will keep exposure based on risk.
*Not financial advise
Close daily below 39.6k and I think we set a new low, close above and we will find trend continuation is more probable. Currently we have two waves from our local bottom and will like to see one more wave (5) to confirm the bullish scenario. Should we lose 39.6k on the daily, we would have completed a ABC correction up from our last marked down correction and new lows are on the table. This will also confirm a larger ABC Flat correction and after liquidity is taken from the lows, we will most probably see our last run up for this cycle to complete.
Note: The macro environment is on a knifes edge at the moment and will keep exposure based on risk.
*Not financial advise