It is important to state that this is on a log scale chart. If you plot this on a non-log the bottom line of support is closer to $17.
With that in mind we are at our strong macro line of support. We break this we're going down to at least $17 in my opinion.
Bullish case: it looks like were in a descending broadening wedge which tends to break out bullish. I expect to at least get a bounce to test the top of the trend at $25 where we will hopefully break and head to $33.
Bear case: I still think we hit the top of the trend line at $25 and we dump hard. Breaking that macro trend line will require some volume.
Either way keep an eye for $25. Look for volume pickup at the break out.
Ultimately we need to break $33. We're in no man's land until then.
With that in mind we are at our strong macro line of support. We break this we're going down to at least $17 in my opinion.
Bullish case: it looks like were in a descending broadening wedge which tends to break out bullish. I expect to at least get a bounce to test the top of the trend at $25 where we will hopefully break and head to $33.
Bear case: I still think we hit the top of the trend line at $25 and we dump hard. Breaking that macro trend line will require some volume.
Either way keep an eye for $25. Look for volume pickup at the break out.
Ultimately we need to break $33. We're in no man's land until then.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.