The Bulls took a 1,000 dollar plummet suddenly last night...likely from multiple people profit taking after a prolonged run. RSI
was oversold and it took and price tooka a quick dive but was eventually caught by the 200EMA(in blue) in fact the candle that touched it formed a dragonfly candle so it appears bulls must be afraid of dragonflys as it has scared the bulls the opposite way and back on course. The 4 hour RSI
is back under oversold levels which is good because that, combined with the dragonfly reversal and subsequent green candles shows that the bull run is still very much on track for the original head and shoulders
distance and possibly more (possibly even validating a larger head and shoulder neckline still)We are currently inside a new upward channel(tan lines) so it will be interesting to see if we find resistance at the top trendline
of that channel...I think theres' a chance we could test the resistance of the green downward channel's top trendline
directly above it as well, a channel we've been stuck inside all year. Only buy the dips...this dip was a good one to pick up on. make sure the dips aren't indicating that they are about to be over before you do as well.