It's been awhile since I've actually published a chart here. I'll be charting a 12 hr and a weekly chart, starting with 12 hr.
First off, the most time pressing thing is the bounce off the major low volume node at 7.8k which has confluence with an important horizontal level throughout this bear. Times we've tested this horizontal level and bounced are yellow arrows to show it's importance, with 7.8k being the thin light blue line - notice where it aligns on the VPVR (low volume node). Expecting a bounce here was a pretty safe bet.
In thicker light blue, we have a falling wedge. I'm slightly deemphasizing it in my mind because the market spent some time over it before dumping through it, though it did require obscenely high volume both to breach it the first time and to dump back through it. We're back above it now. On the other hand, the volume profile of the bullish pattern fits to a T -see the orange moving average I have on the volume (along with the trend I drew) and how that volume has increased on the approach up to and breakout of the formation. At the same time, this ghosting around the resistance isn't quite unexpected either as if you're accepting the pattern you're already accepting that we can fakeout below it, like the first selloff to 6k. Still, deemphasizing it, but keeping it in mind.
First off, the most time pressing thing is the bounce off the major low volume node at 7.8k which has confluence with an important horizontal level throughout this bear. Times we've tested this horizontal level and bounced are yellow arrows to show it's importance, with 7.8k being the thin light blue line - notice where it aligns on the VPVR (low volume node). Expecting a bounce here was a pretty safe bet.
In thicker light blue, we have a falling wedge. I'm slightly deemphasizing it in my mind because the market spent some time over it before dumping through it, though it did require obscenely high volume both to breach it the first time and to dump back through it. We're back above it now. On the other hand, the volume profile of the bullish pattern fits to a T -see the orange moving average I have on the volume (along with the trend I drew) and how that volume has increased on the approach up to and breakout of the formation. At the same time, this ghosting around the resistance isn't quite unexpected either as if you're accepting the pattern you're already accepting that we can fakeout below it, like the first selloff to 6k. Still, deemphasizing it, but keeping it in mind.