I've got a best-case scenario and a worst-case scenario.
Both scenarios have us bouncing around in the triangle for another month or so. If we break through the top in June, I think there's a good chance that the bull run will resume. But if we get rejected at the top in June, we're gonna be in for a bad time. A very bad time.
Both scenarios have us bouncing around in the triangle for another month or so. If we break through the top in June, I think there's a good chance that the bull run will resume. But if we get rejected at the top in June, we're gonna be in for a bad time. A very bad time.
Comment:
Update: We broke the downtrend early in an unforseen third scenario.
If the weekly candle closes underneath that support line, I'm out.
If the weekly candle closes underneath that support line, I'm out.
We bounced off of the lower support line almost perfectly, at around 7100. However, this bounce does appear to be running out of steam quite quickly. RSI is overbought on lower timeframes and volume is dropping off sharply. I expect a retest of the support line within the next few days.