There is a strong resistance above this candle causing a massive sell-out and strong rejection as soon as the price hits the line. But Volume is increasing since June 3rd on this bull run. Since it broke out of the bullish pennant and retested it successfully, there is a good chance of it breaking above this resistance. In that case, there should be a period of consolidation above 3556 for a few days before the run up to $4k, unless the breakout volume turn out to be at least triple the size of last Friday and take the price straight to $4k by the end of the week.
There is still a chance of failure though. Meaning the price fails to break above resistance and breaks down to lower support levels. In that case, it's best to set your stop-loss somewhere around $3288.
See the chart for more information.
There is still a chance of failure though. Meaning the price fails to break above resistance and breaks down to lower support levels. In that case, it's best to set your stop-loss somewhere around $3288.
See the chart for more information.
Trade closed: stop reached:
Our target has not reached within our predicted timeline and may not happen any time soon. This analysis is obscure at this point.
