1W - all the advancement of price will be treated as a 'relief rally'. Relief Rally is a correction of the previous swing, the current volume profile suggests that the advancement in correction is the one denoted by red 'X' - 8400-9040 USD to test a logarithmic downtrend line. That would provide an excellent opportunity to short and in author's opinion is the best case to be made for the bulls at the time of writing. 1D closing price print above 7500 USD is needed to justify the long position with the assigned targets and a tight stop loss at ~7100 USD - previous intraday support turned resistance.
There is a significant gap of 18% in between price action and the death cross, so the 'reversion to the mean' principle may push the price upward until further sell-off will trigger.
However, the scenario outlined can take place 'if' and only 'if' bulls can establish a successful print of a 1D 'higher high' - at ~7500 USD.
Overview of 1D: Relief Rally in progress: until the closing price above 8.2k is established on the...
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