Observation: After the dump the bounce has not been a good\strong follow through. The drop was more than a healthy pullback in my opinion. The 4 hour chart require the bulls to see bounce continuation but its running out of steam at the 6380 range which is now the resistance. The 4 hour EMA resistance still on top. RSI approaching the same level when a sell of happened before the drop. MACD is also going negative. We have a merging triangle much like a wedge to form which traditionally is formed after a dump to then have another drop. Past week the downward trend hasn't gone away as yet. This just gives another opportunity to have another go in the low 6000 -6200 range to enter. The easiest path is downwards at this point, 60% to 40%. If it was to drop, we will be retesting at the 6000 - 6100 range. I'm still waiting for this range before considering entering... probably like most. 1 Hrly chart
Catatan
$6290 is a support line but not a strong one. I don't expect it to hold.
Catatan
$6240-50 is a strong support line. Volume needs to be watched as well as the 4 hrly RSI indicator.
Catatan
Just to be true, I had 2 orders set at 6173 and 6237 incase it didn't go down enough. Luckily both my orders were filled while sleeping overnight. So that's called buying at the dips.
As per my forecast, it took the path of the downtrend and bounce as per diagram. As you can see the major resistance (blue line) of 6550 prevented further up trend and as per my commentary, 6380 is a support line which is currently holding things up. 6420 is the next minor resistance.
So what has taken place in my opinion cannot really influence the next stage in overall market analysis because we are in undecided market so more sideways trading in the 6100 - 6550 range.
Observations: *Currently the 4 hrly chart shows we have higher highs so I expect more uptrend until we hit 6420 and then 6550. *1 Day charts has 3 green candles (bullish sentiment) *RSI is not reached overbought conditions (more room to go up) *EMA 20 below trend (bullish sentiment) * MA 100 and 200 still in the bearish trend
Short term, trending upwards so I would HODL for now even though it can 50% go down. If it was to go down, its proven x2 it bounces back up good enough.
Catatan
1 day charts has 4 green candles which to me is a bullish atmosphere, officially. 8 Hr chart looks great as well. Question is when is the healthy pull back. RSI says we have overbought conditions which might squeeze a little more. My guess, 7000 if not now. To where, as low as 6550.
Catatan
correction 7000 should be 6800
Catatan
I would sell a 1/3 of my holdings at this point.
Catatan
6780 got rejected and went to 6690 support. Now its important to watch the bounce and the follow through in terms of volume and higher highs, etc.
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