The drop has brought us to the pivot points
at 4058. These just printed and have provided support currently. All indicators on the 1H, and 4H are bearish
. The Daily is mostly bearish
, though price has remained in the cloud for now. Waiting for confirmation of a new trend before re-entering a position. If price breaks this 4058 pivot
, then it's possible for us to have a much greater fall to 3600. If support continues to hold, it's likely we'll see a move up towards the broken support at 4150. The strength of the support at 4150 makes this now a difficult resistance point for longs and likely for a strong bounce downward to retest this support at 4058. It's probable that we will need to continue downward further to build the bullish
strength to break back upwards after reaching this price point. A short entry upon successful breaking of the 4058 support. I will wait to short until $600 on the western exchanges is broken first, as this is a round number and strong psychological barrier. A short would be looking towards $580 and then ultimately $550 if price continued. A long entry would be after indicators showed a new trend and entry point above 4150 looking towards 4300 and then ultimately 4600 if strength of the uptrend was there.