Despite the dump - Look at how the RSI never broke 50 line - which indicates whether a market is generally bullish or bearish.
I feel this trend is not over yet. The critical levels to watch are 7.4k and 8.2k.
I will not feel comfortable taking a short at the current price range right when price is near long term support.
We have to wait and watch whether this 7.4k support breaks on the daily - WITH GOOD VOLUME. Failure of breaking this support means price intends to continue higher.
Revisiting 8.2k is not a good sign for bears. Its already been tested once - so it will be weaker on the second test.
Also keep in mind there is bullish divergence on the 4 hour - which often results in the desired move. Not that it will happen 100% - but it increases the chance significantly.
I feel this trend is not over yet. The critical levels to watch are 7.4k and 8.2k.
I will not feel comfortable taking a short at the current price range right when price is near long term support.
We have to wait and watch whether this 7.4k support breaks on the daily - WITH GOOD VOLUME. Failure of breaking this support means price intends to continue higher.
Revisiting 8.2k is not a good sign for bears. Its already been tested once - so it will be weaker on the second test.
Also keep in mind there is bullish divergence on the 4 hour - which often results in the desired move. Not that it will happen 100% - but it increases the chance significantly.
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I made this idea when price was in 7.6k range. Now price already pumped near to 7,850. Hold on tight to ur underwear bears. Big boys are coming for your money!
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Well. That one played out well. Hope you guys made some profits!