We finally have some action today with a engolfing on the . Of course we still need to wait for the close to consider this candle but it looks possible to close here.
Checking the lower timeframes, I would say its healthy if we retrace or consolidate a bit first.
It is possible we go sideways from here and travel up to the top of a larger triangle to be drawn from this last low. Even if we do, I would expect some retracements to come in for sure before reaching ~ $8K.
The 0.50 and 0.618 fibs which I consider healthy retracements fall on previous structure, the 200 Moving Average is climbing and could provide local support here.
As we are definitely not in a bulltrend yet, I am interested to see if we start trending up on the lower 15 min timeframe here.
$300 - $500 swings are not out of the ordinary here, stay safe
Lets wait and see where we go next :)
This leg up retraced to previous structure which provided support in the 0.50 and 0.618 area.
This is trending nicely, we need to see a higher high now to continue bullish.
This could also draw out another triangle where the break will show direction.