Technically, we have a breakout of the bottoming triangle W.
We are bouncing off the Bollinger Band right now.
We have overhead resistance in this correction/downtrend at:
50,100
50,500
51,600 the W neckline
53,430 Fib line
54,800 major downtrend line
This could be the start of the campaign to challenge those levels and recover or retreat.
DOOMSDAY DOWNSIDE POSSIBILITIES:
A return to the major downtrend line and retreat to $41k forms a large Head and Shoulders with a downside technical target at, *gulp* ... $12,644
Doubtful.
A return to the bottoming triangle bottom at $46.6k has a H&S downside target is at $24,818
$46.6 and $47.3 have show decent support, so no need to panic.
We are bouncing off the Bollinger Band right now.
We have overhead resistance in this correction/downtrend at:
50,100
50,500
51,600 the W neckline
53,430 Fib line
54,800 major downtrend line
This could be the start of the campaign to challenge those levels and recover or retreat.
DOOMSDAY DOWNSIDE POSSIBILITIES:
A return to the major downtrend line and retreat to $41k forms a large Head and Shoulders with a downside technical target at, *gulp* ... $12,644
Doubtful.
A return to the bottoming triangle bottom at $46.6k has a H&S downside target is at $24,818
$46.6 and $47.3 have show decent support, so no need to panic.
Comment:
ALSO: .... a bump down from $50k down to $47k gives a smaller local H&S downside target at $42k.
