I am being very careful to not take the rebound off the support as an entry point only because we are still technically in a shorter term down trend which could continue. Also, technically speaking, the most recent red candle closed BELOW it's previous dip therefore being a "lower low" of the down trend even though it is probably close enough to be considered as the same level and a possible entry point as it rebounds off the support which therefore supports the theory that the shorter term down trend is at/near its end (hence entering in).
We have quite a significant resistance so hopefully itll break and confirm for a next possible entry which i would consider for myself as a safer bet than entering where it rebounded off the support even though it was extremely tempting.
We have a gap to which i feel that it is very possible that IF we break out, the retest of the support might quickly fill it and continue its uptrend to confirm the end of the shorter term down trend. Although i could be completely wrong with this GUESS and the gap could just fill before breaking out / if resistance gets rejected / whatever. But i do believe it will eventually get filled.
I am bullish however trying keeping my hopes and biases in check to avoid screwing myself over. Even if it means losing potential profit with riskier entries.
Lastly, i have a question/s for those who have an understanding of technical analysis that i would greatly appreciate to help improve my analysis.
Question:
What is your perspective on the recent candle closing below it's previous dip?
(i.e. Is it TOO close to STILL be considered bearish even though its respecting the fundamentals of a downtrend? If yes, how much % does it have to close below to it's previous dip for you to consider this? Do you have any rule/s that you follow in this situation and how would you go about it?, etc.)
Any advice, constructive criticism, insights, etc are greatly appreciated! Thank you!
PURELY MY OWN TECHNICAL ANALYSIS. NOT FINANCIAL ADVICE.
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