4-Hour Time Frame:
Percentage retracement from top to bottom +30%
Negative Points:
1. Broke trend line that has been respected for over a month.
2. The retracement was lower than the previous local support of two weeks ago.
3. Broke the 78.6 fibonacci line in the sand level. Then it was used as resistance, rejected but immediately bought back up to get rejected again. But currently, above this 78.6 level.
4. Currently, in the golden pocket, but rejected off 61.8 fibonacci level.
5. Very low volume
Positive points:
RSI has W above the resistance and is currently in consolidation above the line. Before being broken, this line was previous support.
Conclusion:
An ideal bullish scenario would be to bounce off the 78.6 level and W up above 61.8 with higher volume for confirmation for bullish buying.
We will most likely see lower-lows, if the 78.6 line in the sand gets broken again.
Only time will tell.
Percentage retracement from top to bottom +30%
Negative Points:
1. Broke trend line that has been respected for over a month.
2. The retracement was lower than the previous local support of two weeks ago.
3. Broke the 78.6 fibonacci line in the sand level. Then it was used as resistance, rejected but immediately bought back up to get rejected again. But currently, above this 78.6 level.
4. Currently, in the golden pocket, but rejected off 61.8 fibonacci level.
5. Very low volume
Positive points:
RSI has W above the resistance and is currently in consolidation above the line. Before being broken, this line was previous support.
Conclusion:
An ideal bullish scenario would be to bounce off the 78.6 level and W up above 61.8 with higher volume for confirmation for bullish buying.
We will most likely see lower-lows, if the 78.6 line in the sand gets broken again.
Only time will tell.