Update from previous idea:
Price is coming down, not looking good but just need to zoom out and we can see we have nice support if price is to come further down.
Most bullish scenario is we bounce on this blue line here here noted at 3900, maybe slightly higher depending on the time if we break into the next candle.
failing that we have the first white line at 3745, a wick down to here and holding as support would also be super bullish showing a breakout and retest of this formation.
worst case would be a drop to this red box, thick white line which would be the last line of support for me on the bigger timeframes, flipping this bearish with a bearish retest would be a big signal to get out.
Basically any of the scenarios playing out would form a nice double bottom pattern might be slightly narrow but just making a higher low is all we're looking for. a recovery of the wick is not bearish it grabs all of the liquidity from those levels allowing a move higher with no threat to come back down, it's just an opportunity.
Price is coming down, not looking good but just need to zoom out and we can see we have nice support if price is to come further down.
Most bullish scenario is we bounce on this blue line here here noted at 3900, maybe slightly higher depending on the time if we break into the next candle.
failing that we have the first white line at 3745, a wick down to here and holding as support would also be super bullish showing a breakout and retest of this formation.
worst case would be a drop to this red box, thick white line which would be the last line of support for me on the bigger timeframes, flipping this bearish with a bearish retest would be a big signal to get out.
Basically any of the scenarios playing out would form a nice double bottom pattern might be slightly narrow but just making a higher low is all we're looking for. a recovery of the wick is not bearish it grabs all of the liquidity from those levels allowing a move higher with no threat to come back down, it's just an opportunity.
