A descending triangle is forming on the hourly charts but the volatility of the market creates some ambiguity in the readings.
Another price drop is highly likely if the bears can push down below the descending triangle with a high volume.
11-12k would provide a great buying opportunity for those who missed the previous bull run.
Personally, I use Tone Vay's altered TomDemark indicator to buy into the dip once the counter hit green 2 and trades above the high of green candle 1.
(Alternative versions of the TomDemark indicator are available on TradingView but they are slightly different from the version I have and they seem to work less effectively in my own personal experience.)
Another price drop is highly likely if the bears can push down below the descending triangle with a high volume.
11-12k would provide a great buying opportunity for those who missed the previous bull run.
Personally, I use Tone Vay's altered TomDemark indicator to buy into the dip once the counter hit green 2 and trades above the high of green candle 1.
(Alternative versions of the TomDemark indicator are available on TradingView but they are slightly different from the version I have and they seem to work less effectively in my own personal experience.)