With a bearish bat (which signals a reversal of the current bull trend) on the daily chart and the 0.500 fib support level of 11968.00 being crushed on the 1H chart, the odds of breaking below the parabolic channel colored in orange becomes more and more likely.
The only positive for now is support being found at the bottom of the channel on the 15min chart found below. If the support fails, take actions to protect your portfolio according to your risk tolerance and trading timeframe (i.e. day trader, mid term, long term HODL, etc.)
A break below the parabolic channel means sharp pullback - how far is any one's guess - but it would be in the 1k's.
EDIT: *** This is the chart in non-log mode, which aligns with the parabolic channel better. The featured chart is the same but in log mode which distorts the y-axis and made some of the candles go below the channel. ***
The only positive for now is support being found at the bottom of the channel on the 15min chart found below. If the support fails, take actions to protect your portfolio according to your risk tolerance and trading timeframe (i.e. day trader, mid term, long term HODL, etc.)
A break below the parabolic channel means sharp pullback - how far is any one's guess - but it would be in the 1k's.
EDIT: *** This is the chart in non-log mode, which aligns with the parabolic channel better. The featured chart is the same but in log mode which distorts the y-axis and made some of the candles go below the channel. ***
Comment:
Below is the same chart in non-log mode, which aligns better with the parabolic channel.
Comment:
{b]More bearish signs!
Support from the bottom of the channel has been broken.
Alternate view of the bearish bat:
Support from the bottom of the channel has been broken.
Alternate view of the bearish bat:
