on the 4 hour chart we see:
On the Wolf's waves
the intersection of the of the previous consolidation with the wave beam of gave the target zone $ 520-550. Taken.
The price has approached this resistance and is now actively trying to gain a foothold above the psychologically important level of $ 500.
We draw attention to the fact that the volumes of trade around the price of $ 500 are falling.
On the (period 6) we see a divergence.
The same divergence is seen on the indicator of open interest. There is also a decrease in the strength of bulls.
If we consider the , then it seems that soon the correction after the 1st wave will begin.
Up to the Fibonacci level of $ 587, it is possible (not a fact) to have a false ejection ,.
Apparently, we should wait in the medium term to roll back down.
In the case of consolidation above $ 550 -600, we will consider the purchase of a rollback.
At the moment, the mood is (short).
indncaters OI (open interest) here
the level of 540 was problematic.
The price tested several times, but always rolled back down.
The last POC is lower than the previous POC.
On the indicator of open interest we see a bear divergence.
On stochastics - the zone of overselling.
It looks like it's down!