Hello all and good evening to everyone!
If you have been following along you'll know that we have been tracking a weekly descending broadening wedge that has broken to the upside and since re-tested the resistance line now as support. We are currently flipping the 10k resistance level as support which is also our macro 0.618 golden zone. We can see price in a rising channel now at the support line with the weekly stochastic RSI reset and showing us the hidden bullish divergence. I suspect the 12k-11.7k range will likely be a flat resistance moving forward with the rising support trend line keeping us up until the 12k level is broken. Measured move of the prospected ascending triangle pattern illustrated in the chart is consequently the rising channel resistance line as well as the 1.1 Fib level. I believe the current price action on the daily time frame is printing a bear trap. If the 8.8k level is broken it is likely we enter a longer term retrace to or below the 200W EMA which is believe is less likely to occur.
This is only my opinion and not financial advice.
If you have been following along you'll know that we have been tracking a weekly descending broadening wedge that has broken to the upside and since re-tested the resistance line now as support. We are currently flipping the 10k resistance level as support which is also our macro 0.618 golden zone. We can see price in a rising channel now at the support line with the weekly stochastic RSI reset and showing us the hidden bullish divergence. I suspect the 12k-11.7k range will likely be a flat resistance moving forward with the rising support trend line keeping us up until the 12k level is broken. Measured move of the prospected ascending triangle pattern illustrated in the chart is consequently the rising channel resistance line as well as the 1.1 Fib level. I believe the current price action on the daily time frame is printing a bear trap. If the 8.8k level is broken it is likely we enter a longer term retrace to or below the 200W EMA which is believe is less likely to occur.
This is only my opinion and not financial advice.