In short:
This is what I am seeing as an analyst. This whole move is still wave 2 in an ascending wedge pattern (bullish). It'll form a cup and handle within the right shoulder. on the 4H, this drop would have us test the lower trend line & the top of the 4H Kumo cloud. Holding those and completing this pattern puts us in an even bullisher state than we already were. That rising (cyan) wedge is causing this drop, by the way.
Notice the fractal behaviour on our previous iH&S:
4H MACD:
Bearish divergence on the RSI; higher price but lower RSI == losing strength.
Bigger picture; do you see the ascending wedge?
Thank you for reading and upvoting/promoting my blog.
Regards
Arch