As we all know the longer the supports and resistances are respected the more powerful they are on a macro scale.
Here I have drawn out Price Channels using supports and resistances dating all the way back to IPO and some seem to be lining up with the price ranges we've been trading within between Feb to May (Green) and June to Today (Yellow). From there I started drawing out other possible price channels that could possibly be used in the future if market conditions are favorable by analyzing consistent touchpoints swing highs and swing lows on a month-to-month basis respectively.
With that being said, our drop out of our Symmetrical triangle pattern on Dec 1 (approx. -25% move) ended up touching off our previous price channels upper resistance and is currently trading above it which confirms its long-term validity.
In my opinion, I believe we are still overall in a Macro Bull trend & I'm personally looking forward to the Futures Contract Rollover expiration on 17/12/21 being the possible driver of this followed by retail FOMO.
Cheers!
Here I have drawn out Price Channels using supports and resistances dating all the way back to IPO and some seem to be lining up with the price ranges we've been trading within between Feb to May (Green) and June to Today (Yellow). From there I started drawing out other possible price channels that could possibly be used in the future if market conditions are favorable by analyzing consistent touchpoints swing highs and swing lows on a month-to-month basis respectively.
With that being said, our drop out of our Symmetrical triangle pattern on Dec 1 (approx. -25% move) ended up touching off our previous price channels upper resistance and is currently trading above it which confirms its long-term validity.
In my opinion, I believe we are still overall in a Macro Bull trend & I'm personally looking forward to the Futures Contract Rollover expiration on 17/12/21 being the possible driver of this followed by retail FOMO.
Cheers!