A guy I compare chart notes and I have these brown lines bounding recent price swings (the bottom one is very old and reliable). Brown lines HEAVILY inspired by Torayk.
Brown upper line is based on previous week's peaks but I suspect purple might be indicative of a longer term trend, hasn't been as reliable as bottom brown but fairly consistent since the last bull run. While I am hoping we'll completely break the bottom brown and chart some new territory downward, I conservatively estimate we'll see .30 again in the next few hours. I'd rather preserve capital than be right so I set my short below the 18 EMA on the 4 hour.
Brown upper line is based on previous week's peaks but I suspect purple might be indicative of a longer term trend, hasn't been as reliable as bottom brown but fairly consistent since the last bull run. While I am hoping we'll completely break the bottom brown and chart some new territory downward, I conservatively estimate we'll see .30 again in the next few hours. I'd rather preserve capital than be right so I set my short below the 18 EMA on the 4 hour.
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Neither scenario played out.
Not sure I'm wrong yet as we haven't bulled up enough to confirm it.