Looking at this 4hr chart I see a break down out of a Head and Shoulders pattern.
The target is just above $52,000. My whiskers are telling me that if we continue downwards we could even go as low as $46,300, which would be testing the .786 Fib retracement of the bullish impulse that took us to a new ATH.
For now, I'm hiding in the bushes and waiting. I'm tentative to go short since I see some Hidden Bullish Divergence. For me, this could indicate a bear trap. It would not be a surprise if we moved upwards instead and retested the ATH.
What do you think? Are you bullish or bearish?
Owhoooo!
The target is just above $52,000. My whiskers are telling me that if we continue downwards we could even go as low as $46,300, which would be testing the .786 Fib retracement of the bullish impulse that took us to a new ATH.
For now, I'm hiding in the bushes and waiting. I'm tentative to go short since I see some Hidden Bullish Divergence. For me, this could indicate a bear trap. It would not be a surprise if we moved upwards instead and retested the ATH.
What do you think? Are you bullish or bearish?
Owhoooo!
