I was expecting it to drop back to 7200 area but also now I would guess further weakness of sorts until direction is decided. There is always some selling following a streak of rises from speculators who just dont want to wait beyond that brief time period.
So that amount of selling must be included in the cycle. My guess is while we are under the 8 day average, that its best to be on guard price wise. The weekend has its own meta so I dont expect much of a move till later on Sunday.
Very briefly I want it above this blue line for me to be positive on price near term. Longer term its been doing ok for a while now, very rapid just recently and its positive to pull back a bit.
So this average keeps rising a while yet, say 7500 and above and I go bullish rather then wait and see mode. I'm not negative as seen previously going sideways even while 'submerged' in this way was shown as strength but as we only just came down I can wait a while to take a better guess
Am I doing this right?
Iam not fully conversant in that particular meme species but I think you got it roughly
