Update from previous idea:
so we have seen a further drop which was expected as there is a double top pattern playing out, question is where is the bottom gonna be.
so the previous drop down seen support just under where we are now and I would really like to see a higher low. I moved this green support box over from the last time it was relevant and sure enough we've seen support at this level once again, hopefully it can hold for a second time.
also looking at the VPVR the point of control has now moved to exactly where price action is right now, this shows a huge volume spike at these areas which is meaning that there is a lot of support here holding the price at these levels, which is a good sign but at the same time there has been no volume bounce so my fear is we consolidate here before violently shooting to the downside.
right now I'm looking for a reversal pattern and that is what I will base my next move on. I think there is nice support here all the way down to the 3700 level but I really don't want to test that. we have the 0.236 at 3711 which will act as support if price makes it down to those levels.
best case - hoof this support and create a reversal pattern
worst case - drop here big move down to the 3715 levels
so we have seen a further drop which was expected as there is a double top pattern playing out, question is where is the bottom gonna be.
so the previous drop down seen support just under where we are now and I would really like to see a higher low. I moved this green support box over from the last time it was relevant and sure enough we've seen support at this level once again, hopefully it can hold for a second time.
also looking at the VPVR the point of control has now moved to exactly where price action is right now, this shows a huge volume spike at these areas which is meaning that there is a lot of support here holding the price at these levels, which is a good sign but at the same time there has been no volume bounce so my fear is we consolidate here before violently shooting to the downside.
right now I'm looking for a reversal pattern and that is what I will base my next move on. I think there is nice support here all the way down to the 3700 level but I really don't want to test that. we have the 0.236 at 3711 which will act as support if price makes it down to those levels.
best case - hoof this support and create a reversal pattern
worst case - drop here big move down to the 3715 levels
