The correction back up was as quick as it was down. Bulls firmly have control now and are targeting the retest of a linear trendline which stems from 6000USD. I was surprised to see another push lower before the swing, I had 8200USD in mind for strong support on the 50% fib, but we already were showing price divergence on the 15/30 min charts and didnt quite reach there; swing low now 8275.
With the small bear trap behind us, the focus is on the 9500-9600USD area.
We will be hitting the top end of our channel, which has several confluence factors attached to this area. The 1.618 extension sits right above R1 on our pivot calculations & more importantly 9400 is the 50% retrace from 6000USD low to 11700USD high.
Long from anywhere 8700USD and below until the break of out of this rising wedge.
Target 9400-9600 resistence, 4hr RSI still has plenty to move.
With the small bear trap behind us, the focus is on the 9500-9600USD area.
We will be hitting the top end of our channel, which has several confluence factors attached to this area. The 1.618 extension sits right above R1 on our pivot calculations & more importantly 9400 is the 50% retrace from 6000USD low to 11700USD high.
Long from anywhere 8700USD and below until the break of out of this rising wedge.
Target 9400-9600 resistence, 4hr RSI still has plenty to move.