Perhaps the key trap to the 2nd knee of a flagIndeed, the 4th of May 4-hour trap might be now the key one not only in terms of the nearest target but also concerning the end of a whole cycle.
A little pause before the new lowsAfter a dozen of consecutive bull traps we can currently see the retracement as the result of a local weakness of price.
The tactical target is confirmed – 30000The latest shallow retrace to 50% coupled with the relevant bull trap on top have given us the confirmation of the nearest goal of 30K (small ovals in blue & big ovals in black).
A Monday overnight trap consequence The bulls local attack on Sunday night finalized in trapping them all above 43K.
The neck line has pushed the price down to 41700Yesterday's bounce up to 47200 was sufficient only for the break of 45400 followed by the retracement to the "neck line".
Identity with the end Nov - start Dec scenarioAn attempt to make only a deep retracement on Friday has resulted in another correction channel.
The neat formation on top of a giant channelPrice weakness of a couple of rising wedges and a 2-day struggle have given us in fact a stronger formation - a diamond with a neat false break via the top right-hand side.
The trap is only missing for the price droppingThe price rally overnight to 47.5K is still not enough to see the price somewhere @ the twenties figures afterwards.
Rune is likely to be “ruined” by the marketToday we would like to attract your attention to quite an interesting Rune's graph.