Weekly Review - Are we going lower?
Updated
As I've been calling, we retraced to 38.2k (the bottom of the fair value gap, similar to a low volume node). For now we've been making higher lows on low timeframes (such as 5m) since we finished this last dip. That makes me think the pullback is going to be stronger than at any other level since we dropped from 44k.
A bearish case scenario would bring us to 39.6k and then go below and test the 36k lows.
Similarly, we should retest the 41.9k nPoC next week if we end up bottoming here.
Even if we touch 36k (eventually), I would still be bullish and waiting for 47k in the mid term.
A bearish case scenario would bring us to 39.6k and then go below and test the 36k lows.
Similarly, we should retest the 41.9k nPoC next week if we end up bottoming here.
Even if we touch 36k (eventually), I would still be bullish and waiting for 47k in the mid term.
Note
Bearish case scenario playing outNote
We retraced to 36k as we rejected our 39.6k level, and we didn’t set a higher high. Hope you enjoyed the prediction!
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