Hello,
I previously posted an idea with multiple layers of information seeming to confirm my analysis. Not an expert, not advice, charts change.
Here I am laying out what I see happening on the 1h timeframe in harmony with the overall analysis. There was a sharp drop, followed by a symmetrical triangle and/or bear flag (both continuations). Using both those patterns as measured moves, we see they line up with the larger falling wedge line, as well as some fib lines. Since traders will be using both patterns, I expect we'll see it gain some very short term support at the end of the triangle and then very quickly drop (invoked panic from those who bought at end of triangle) to the end of the bear flag, and bounce.
Could see a small couple-hour bear flag around 6500 as it retests some previous support.
(Ignore the RSI above)
I previously posted an idea with multiple layers of information seeming to confirm my analysis. Not an expert, not advice, charts change.
Here I am laying out what I see happening on the 1h timeframe in harmony with the overall analysis. There was a sharp drop, followed by a symmetrical triangle and/or bear flag (both continuations). Using both those patterns as measured moves, we see they line up with the larger falling wedge line, as well as some fib lines. Since traders will be using both patterns, I expect we'll see it gain some very short term support at the end of the triangle and then very quickly drop (invoked panic from those who bought at end of triangle) to the end of the bear flag, and bounce.
Could see a small couple-hour bear flag around 6500 as it retests some previous support.
(Ignore the RSI above)
