We have to break above to continue to a new ATH. As you can see by the ribbons, we are in a bearish case right now by the ribbons flipping. If we break above, our target is looking to be 60,450 in the short term. You can see the Bollinger Band 20 tried breaking above at our ATH (58k) but we needed to cooldown. We are most likely waiting for a monthly candle to close in 2 days 3 hours before we see the next move. This should happen by next weekend (March 5th, 6th).
We have strong support around 44,200 as we were riding along this support on Feb 10th and 11th. When we broke out on Feb 8th.
I also showcased two paths that we will see unfold very soon. The more we test the 44,200 support we will fall down to 41,230 area. I would expect the buyers to step in HEAVY and we will blast right through everything back up to an ATH as most buyers are looking to buy around 40,000 area.
You can also see the RSI needed to cooldown after a huge pump to 58k with the arrow I used.
Indicators:
Volume
BB20
FF EMAR
RSI
Like, Comment feedback, and Follow for more updates :D
Happy Trading!
We have strong support around 44,200 as we were riding along this support on Feb 10th and 11th. When we broke out on Feb 8th.
I also showcased two paths that we will see unfold very soon. The more we test the 44,200 support we will fall down to 41,230 area. I would expect the buyers to step in HEAVY and we will blast right through everything back up to an ATH as most buyers are looking to buy around 40,000 area.
You can also see the RSI needed to cooldown after a huge pump to 58k with the arrow I used.
Indicators:
Volume
BB20
FF EMAR
RSI
Like, Comment feedback, and Follow for more updates :D
Happy Trading!
Comment:
It looks like we have reached our target, and went slightly above to 61,781. It looks like we had our typical Monday dump as we are going to move higher. This could be due to CME Futures being closed on the weekend. I would expect some heavy resistance around 65k once we push back to our ATH. I will be posting another idea very soon.