We might have already seen the dip, though there is this pattern I figured, has a chance to happen.
Price currently bounced with the 4h RSI from 4900s to 5300s. I expect it to climb higher to range between 5500-5600 as there will be selling pressure: a resistance trend-line and also MA50 and MA200 on 4h chart. I did not include them in the chart to avoid cluster.
Afterwards, I expect to see another dip to the large bottom bullish trendline. I did not include the wick in middle. If that's counted, however, it might go down to somewhere between 4300-4800.
The reason for this is that when the RSI dips, then it recovers just a bit, then does another dip before it goes higher. It repeated twice, seems like it's happening for the third time.
Then comes the long leg as it did two times earlier, which would see a higher high.
Best of luck!
Price currently bounced with the 4h RSI from 4900s to 5300s. I expect it to climb higher to range between 5500-5600 as there will be selling pressure: a resistance trend-line and also MA50 and MA200 on 4h chart. I did not include them in the chart to avoid cluster.
Afterwards, I expect to see another dip to the large bottom bullish trendline. I did not include the wick in middle. If that's counted, however, it might go down to somewhere between 4300-4800.
The reason for this is that when the RSI dips, then it recovers just a bit, then does another dip before it goes higher. It repeated twice, seems like it's happening for the third time.
Then comes the long leg as it did two times earlier, which would see a higher high.
Best of luck!