We got a large reversal today which makes me think that top is in for this cycle. As you can see from the chart, price went over resistance and closed back below it which is extremely bearish.
From here, I think we'll see a move down to the first support at $4800, then I think it's likely that we bounce higher to make people think we're going to see another move higher, but instead of having a sustained trend, we'll roll over down to new lows.
My base case is that we'll see the lowest supports at $2750-2900 before we see any sustainable bull market trend form.
Let's see how it plays out.
From here, I think we'll see a move down to the first support at $4800, then I think it's likely that we bounce higher to make people think we're going to see another move higher, but instead of having a sustained trend, we'll roll over down to new lows.
My base case is that we'll see the lowest supports at $2750-2900 before we see any sustainable bull market trend form.
Let's see how it plays out.
Nota
Looking good so far.
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.