Essentially we can see we have a long term bearish playout, right now for me this is simply short term bullish momentum to create the new Lower high, which we have now successfully done. With this being said there is many things we need to take into consideration as we're looking at higher timeframes.
I'd be expecting this rising wedge to break (a rising wedge is a bullish-bearish reversal pattern) once broken I'm expecting a retest from the previous main supply zone (as marked) we'd then be followed by a retest of structure (the wedges previous support which will now be our key area of resistance. Also working as an area for short orders to be filled.)
From here I'm expecting a gradual long term sell off going back to the 0% zone. Once this has been done we'd have a valid double bottom, ideally we'd want to see price go as low as thr -27% fib level. this would Indicate a new swing low has been created and we can then look for more buying opportunity's.
I'd be expecting this rising wedge to break (a rising wedge is a bullish-bearish reversal pattern) once broken I'm expecting a retest from the previous main supply zone (as marked) we'd then be followed by a retest of structure (the wedges previous support which will now be our key area of resistance. Also working as an area for short orders to be filled.)
From here I'm expecting a gradual long term sell off going back to the 0% zone. Once this has been done we'd have a valid double bottom, ideally we'd want to see price go as low as thr -27% fib level. this would Indicate a new swing low has been created and we can then look for more buying opportunity's.