Since the day we dropped under 4k, we've been in an upwards channel which we just recently broke. We are currently on our way down to the next support level around 5.4-5.9k. The 100MA on the 4hr appears to be a spot where a scalper may find a few small scale bounce plays. This could possibly hold and climb back up for a retest of the 55EMA at 6,300. the 6,250 level has proven to be a resistance. Price has rejected off this level many times in the last 3 days. This little range we have formed gives short term scalpers the ability to short the top and long the bottom of this micro range (as I have been doing).
On a more macro scale we must wait to see if 6250-6300 can be retested for a safer short (also short term with a tgt around 6050-6100). Or a longer hold to the mid 5k range if we do breakdown through the 100MA.
On a more macro scale we must wait to see if 6250-6300 can be retested for a safer short (also short term with a tgt around 6050-6100). Or a longer hold to the mid 5k range if we do breakdown through the 100MA.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.