Nothing to worry about. This pullback is normal and still showing signs of bull action on the horizon.
Bear volume is fading fast. The chart is the hourly and we can already see signs of the bears slowing down. This is great since we are no where near the previous low. As such, it will mean keeping a higher low is extremely likely, leading to consolidation or to a rally for a new high.
Technical indicators are showing good signs of bulls ahead. The Stochastic RSI has smashed into the floor, so now we will see a bullish crossover here before too long.
Daily RSI is still oversold meaning bulls will enter the market to bring this level up.
Price level is still going to see upside potential. We are well below the moving average belt and will see a rally to test one of the levels as resistance.
Ideally, I would actually like to see consolidation from now through tomorrow, and then have the bulls take control over again. Likely I'd think that's going to happen over a stronger pullback.
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Interdeus
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