Big drop to continue the daily correction. Price holding well at the given average as we attempt to push back to mid 4k. H4 200EMA currently at average which is a good sign.
Short-term trend cycle officially ended off the breakout below LT so watch for LT as a main resistance zone. If we dip below average I expect support at 3950.
Heavy dips normally occur after an initial correction in a bear market but I still believe we're in a bull market, although perhaps the end. My hopium prediction is that we can force a few weeks of sideways action between the long-term average and UTA. Weekly MACD crossover is on the way and it would be nice to build a buffer beforehand.
Short-term trend cycle officially ended off the breakout below LT so watch for LT as a main resistance zone. If we dip below average I expect support at 3950.
Heavy dips normally occur after an initial correction in a bear market but I still believe we're in a bull market, although perhaps the end. My hopium prediction is that we can force a few weeks of sideways action between the long-term average and UTA. Weekly MACD crossover is on the way and it would be nice to build a buffer beforehand.
