What a day!
I apologize ahead of time for the messy chart, but "bear" with me, I've had a long night. I'm going to post out all of the possible scenarios I see forming.
1) We had a picture perfect ounce off the 200 on daily. This could imply a possible reversal, back towards 9-10k area.
2) We start trading above 8,337 (go up toward 9k) which will create a possible pattern, before then dropping down hard into one of the scenarios listed below.
1) 7968 zone collapses, and we form a at 7564.
2) formation completes (right shoulder) and we target 7160.
3) Collapse into at 6968, hard bounce up.
3) Long winter becomes a reality and we continue downwards into long term bear trend when it meets the 01 fib at 5589.
4) Mid term bear trend intersects with long term trend @ 6100
I'm currently on and off streaming @ http://www.twitch.tv/cryptocrew explaining these scenarios I see, feel free to join me.
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Whales are swimming these waters, watch for a breakdown of that wall or a hold of it
B U L L I S H
Currently oversold on 30 minute, if you see the 1 hour curve up, then fairly strong indicator correction over and next impulse to 9571 can begin.
If not, keep looking for the 20/50 EMA buy zones on the hourly. (They change obviously)
For just the pure hourly oversold target, we want either the 50 or 20 EMA (so it has changed, to 7854 / 7584 I believe (going off memory), so a good entry if we're going to remain overbought on 4 hour will be 7854.
If the correction continues from a 4 hour standpoint, then we could see another breakdown entirely, if not, then I would anticipate 7300-7500 buy opportunities.