Looking at the possibility of a Santa Clause rally... We have the strong resistance at 19,500 which has topped us out.... bulls lost momentum... 18,600 has now become the important decision level... should we go above 18,600 then we restest 19,500 ... if not then we fall back to 16k. I expect whales and institution buyers to support the price at 15,800 - 16,000. A fail at 16k,,,,, brings us to a 14k TP. I don't expect 14k to stay for long as retail will come in and snap it up............then a quick return above 16k AND very soon after that!!
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An update to my chart from yesterday...so far the drop has played out as planned but didn't drop to 17k or as low as I would have liked...it found support and buyers came in again at the previous lows and flag channel bottom...17,6 to 17,8 showed lots of buyers interest again, we may have formed a double bottom for now and it's now gaining momentum to possibly re-test the top region trendline of the flag pattern . It will be interesting to see how this plays out as we have been making lower highs for the last few days and to get to that channel top we would have to break through 18,2 then 18,6 and approach 19k. It will be tough but possible. Will we then see a big sell-off to 17k over the weekend again or will we follow the last couple weekends where they were super bullish and prices increased over each weekend and be able to push to that 19,5 resistance again? Hmmmmm... Time will tell! :D
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Also interesting to notice some bullish divergence on the 4hour RSI!
