Have we been here before? I overlayed the fractal of the 2013-2014 peak to see if there was any resemblance and there is some.
Looking at the RSI, we seem to have crouching bear and hidden bull, which is quite confusing. The RSI does seem to be in a downtrend though and so I wouldn't be surprised if we made some meaty retracements in the medium term.
In the short term, I'm expecting a bit of upwards movement that might be spurred on by the hidden bull but there's definitely some rock hard resistance that smacked the bulls down from 19,200CNY. Hats off to the bulls for such a juicy rally though. I'd love to see those highs retested but the sense of deja vu I'm getting right now is making me think that it might be time for the bears to take control again. I'll be keeping a close eye in the coming days and weeks as money can be made whichever way we go.
Looking at the RSI, we seem to have crouching bear and hidden bull, which is quite confusing. The RSI does seem to be in a downtrend though and so I wouldn't be surprised if we made some meaty retracements in the medium term.
In the short term, I'm expecting a bit of upwards movement that might be spurred on by the hidden bull but there's definitely some rock hard resistance that smacked the bulls down from 19,200CNY. Hats off to the bulls for such a juicy rally though. I'd love to see those highs retested but the sense of deja vu I'm getting right now is making me think that it might be time for the bears to take control again. I'll be keeping a close eye in the coming days and weeks as money can be made whichever way we go.