First reversal attempt underway as we receive a bullish breakout off the highlighted triangular pattern.
Keep in mind that we could still see something similar to the above PA however this time price is bouncing off a critical long-term support.
Current resistance is around the magenta line which acts as the upper buffer before entering into the next 'zone'.
There are a few ways I look at this scenario:
1. Push to 3200 critical/solid black trendline followed by another correction to 3k to lead into a descending double-bottom. Possible crossover resistance -> close = 3200, high = trendline. Solid black line would act as neckline.
2. Continuation off short-term triangular pattern using upper buffer magenta line. This would be for a less volatile approach.
3. Drop to 3k with little hope of recovery. We are still under the solid purple cycle test zone trendline which is an indication of bearish momentum imo. I consider 3k as the last line of defense for long-term reversal. A lot of hope rests on maintaining weekly divergence along with non-PA factors.
Keep in mind that we could still see something similar to the above PA however this time price is bouncing off a critical long-term support.
Current resistance is around the magenta line which acts as the upper buffer before entering into the next 'zone'.
There are a few ways I look at this scenario:
1. Push to 3200 critical/solid black trendline followed by another correction to 3k to lead into a descending double-bottom. Possible crossover resistance -> close = 3200, high = trendline. Solid black line would act as neckline.
2. Continuation off short-term triangular pattern using upper buffer magenta line. This would be for a less volatile approach.
3. Drop to 3k with little hope of recovery. We are still under the solid purple cycle test zone trendline which is an indication of bearish momentum imo. I consider 3k as the last line of defense for long-term reversal. A lot of hope rests on maintaining weekly divergence along with non-PA factors.
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Penerbitan berkaitan
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.