Still some room for the bullish run to complete

29 Apr 2021

Here, I am using several retracements, trend lines, and extensions to build the case of a short-term buy position. First, the graph fits beautifully in the pitch fork trend, showing that we are currently at the median resistance of the bullish trend. To see whether we will go up or down from here, I used several Fibbonacci retracements at different time frames, most of which are showing that we are nearing, but not yet at the end of the trend. Taking into consider only that last bullish trend, we are at the 261.8% Fib extension, which would definitely the time for a take profit. However, taken into consideration longer trends, resistance seems to be a bit higher, around the 44.5 price range. Fib Speed Arcs even make me believe that the last ditch of the bull upwards will happen today or tomorrow, then a sell should be done.

Of course, if I had a buy position from a start, I would have taken the profit at this stage and play it safe. But since I am out of position, I am willing to take the risk for the last part in an incredible bullish run.