Looking at the daily chart, we see a clear bearish divergence.
We've recently broken the downward trendline, which many believe will be a major break out to new ATH. However, looking at the weekly and monthly charts, I still have a strong bearish outlook to the short-midterm timeframe. 12/24 we see a bearish pin bar when attempting to break above one of the rising trendlines.
I feel the bulls have a short term victory, but looking at the daily MACD, the latest fall from ATH has brought us below the bullish trendline and has left us below the 0 line marker. As this MACD rises to retest this level, I feel there will be a strong resistance and will bring the market crashing back towards the 30K level.
Feel free to comment your ideas, or ask any questions. I have further support for this theory that I did not touch on in this post.
Trade with care. Not financial advice.
We've recently broken the downward trendline, which many believe will be a major break out to new ATH. However, looking at the weekly and monthly charts, I still have a strong bearish outlook to the short-midterm timeframe. 12/24 we see a bearish pin bar when attempting to break above one of the rising trendlines.
I feel the bulls have a short term victory, but looking at the daily MACD, the latest fall from ATH has brought us below the bullish trendline and has left us below the 0 line marker. As this MACD rises to retest this level, I feel there will be a strong resistance and will bring the market crashing back towards the 30K level.
Feel free to comment your ideas, or ask any questions. I have further support for this theory that I did not touch on in this post.
Trade with care. Not financial advice.