Markets could easily drop to 634 to 645 in next 48 hours from now.
it is farthest from my wishes to hijack your thread, but i do believe that this kind of discussion between analyses is constructive for both parties, thank you.
if you would consider:
two possible moving supports on the 6-hour RSI, both robust with
3 points of contact. the most recent bounce off of BLACK corresponds with the price threatening to break out of its lower bollinger band in your figure. as a side note, it is always wonderful to see agreement between two technical measures as it is one of the few ways to show empirical consistency in this practice.
anyway, i do think it was a bit premature to call bear as the moving supports are quite robust -- as i mentioned in an earlier post, supporting this rally from $600. sure enough, we bounced and the picture still looks rather bullish to me if we factor in other indicators and the large volume corresponding with the bottom under $400.
unless we actually break under this support, there is no bear signal i can see.
--arepo
