Seems like the EMA 50 is taking a sharp tick up on the 4H chart. This seems like a bullish signal to me, but as is mentioned in my graph, this may not truly be the end of our bearish run. Observing the other instances of crossing upward, it was shortly followed by a downtrend. One possible outcome we may experience here is a rally up to 155 region, followed by another test at the 100s. I think that if we don't end up testing the 80s at that point, we would see a move back up to the 135 region, then ultimately a test at 80. From there, we could expect to see the end of our bear market, or we could descend to 50 even. No one can predict the future, so your safest bet now is to wait for confirmations.
1H EMA 200/50:
We've clearly broken out over the EMA 200, so expect some bullish momentum here for a few days at least. For me to feel confident that we're breaking out of this bearish momentum a bit, we have to touch beyond the 175 region. However, as I mention in the 4H, I could very well see us touch 155 and head back down. While the 4H will give us stronger confirmation about an uptrend or downtrend, the 1H will help us prepare for it; While best case scenario would assert you catch the highest high and the lowest low, that is an irresponsible way of trading. Wait for absolute confirmation of signals, and make your trade accordingly.
The 4H EMA 200/50 is showing signs of bullishness now. The next 24 hours will be critical in determining whether this is a breakout, otherwise we're headed back down. Stay on your toes.
Still looking quite bullish. If you're looking for a short term flip, consider a sell at the 165 region, and a buy back around 155. A stable rally up will almost always result in a touch back down to the support, so this is a fairly safe trade IMO. I will be far more cautious as we approach 175, as that will result in either a rally up, or a bounce back down. Time will tell.
At this current time, it looks like we're still set in the descending channel, so the 160 region may have very well been our top before another dip to retest 100, but we will await further confirmation.