Bear pendant possibly coming, but good news on horizon.
So looking at the 4-hour chart, it appears we have broken down out of the bullish trend channel and a new trend is starting. It looks like a bearish pennant is forming, which if correct, would bring us down into the $4,600 level, judging from the size of the downward descent. This, however, brings us to a few good points.
The purple line indicates when the 20 SMA will form a golden cross with the 200 SMA on the 1D chart. This is a very bullish signal, but it might not manifest itself right away. It may hold off until an even bigger bullish sign, which is the 50 day crossing the 200 day SMA. This will happen around the 25th of April and should bring the price up well beyond its current high in this bull market. I believe we will see a rise above the $6000 resistance zone, and if there is enough volume, possibly enough to make that our new support zone.
DYOR.
The purple line indicates when the 20 SMA will form a golden cross with the 200 SMA on the 1D chart. This is a very bullish signal, but it might not manifest itself right away. It may hold off until an even bigger bullish sign, which is the 50 day crossing the 200 day SMA. This will happen around the 25th of April and should bring the price up well beyond its current high in this bull market. I believe we will see a rise above the $6000 resistance zone, and if there is enough volume, possibly enough to make that our new support zone.
DYOR.
Penafian
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