In markets there are Bullish and Bearish cycles. These cycles can be further divided down into phases. These phases include distribution and accumulation phases. Today when we look at the 4-Hour Renko Brick chart we can identify something quite interesting.
At the same time that price has rejected the 4.236 Fib (Measured from the 2017 high to its following bear low), we have to admit we have been struggling. This is happening at the same time as oscillators have been over heated on the 2-Week charts (SMII and RSI).
What this COULD indicate is that a mark down phase is nearing. Price to confirm a mark down would be the prior swing low at $59.3K.
At the same time that price has rejected the 4.236 Fib (Measured from the 2017 high to its following bear low), we have to admit we have been struggling. This is happening at the same time as oscillators have been over heated on the 2-Week charts (SMII and RSI).
What this COULD indicate is that a mark down phase is nearing. Price to confirm a mark down would be the prior swing low at $59.3K.
JT