Update from previous idea:
yesterday we were focusing on the red line as support and looking for the green lines as potential price targets, this morning I noticed the grey line as potential support and sure enough price has bounced perfectly off of this level. holding this line is extremely crucial to keeping positive price action, if this trend line is broke then short term my bias is bearish. at least fro a few days maybe red weekly candle to cool off the market.
we could still be looking for a W pattern forming here it is still rather early and no volume bounce here so time will tell but that would be the best case scenario. A big move is coming but it looks more bearish than bullish to me, I am really hoping it is bullish but if not look at it as an opportunity because the next leg up after this price action is to the moon!
yesterday we were focusing on the red line as support and looking for the green lines as potential price targets, this morning I noticed the grey line as potential support and sure enough price has bounced perfectly off of this level. holding this line is extremely crucial to keeping positive price action, if this trend line is broke then short term my bias is bearish. at least fro a few days maybe red weekly candle to cool off the market.
we could still be looking for a W pattern forming here it is still rather early and no volume bounce here so time will tell but that would be the best case scenario. A big move is coming but it looks more bearish than bullish to me, I am really hoping it is bullish but if not look at it as an opportunity because the next leg up after this price action is to the moon!
