After a breakout from the neckline of an inverted head and shoulders, price has come in contact with the Gann fan drawn from the descending wedge pattern established during May and June.
Price looks likely to drop through the local support of 6000 and bounce off of the 0.382 fib level at 5000. If the downtrend resistance breaks down price through 5000, I expect a sharp drop to 3000, before a steep recovery back to the 0.5 Fib level at around 6000.
The vertical lines indicate the weekly close (Sunday UTC), the blue line indicates the phase 2 trend line of the potential hyperwave. If the price closes below the phase 2 trend line at the end of the week, then the probability of a continued hyperwave is significantly diminished.
Price looks likely to drop through the local support of 6000 and bounce off of the 0.382 fib level at 5000. If the downtrend resistance breaks down price through 5000, I expect a sharp drop to 3000, before a steep recovery back to the 0.5 Fib level at around 6000.
The vertical lines indicate the weekly close (Sunday UTC), the blue line indicates the phase 2 trend line of the potential hyperwave. If the price closes below the phase 2 trend line at the end of the week, then the probability of a continued hyperwave is significantly diminished.