Healthy and well deserved correction so far, yet caution needed.
Well expected correction from the tough SMA200/D resistance to SMA100/D support.
So far price has found some support onto 0.618 FIB of the last upswing.
Falling wedge and possibily a ( quite stretched ) "interim" bullish flag.
Price needs to promptly react from here and to move towards and above 7800$ area in order to look for a Cup & Handle.
Daily close ( today ) should be over SMA100 ( Fixed typo here ).
Otherwise things may get out of hand again for the bulls.
A slow drift / bleed towards 7200$ area should be avoided, given a Head & Shoulders pattern potentially insists there.
On a side note i'd welcome a OBV/D low above the blue / dashed support ( or at least above the recent lows ), as that would implicitly confirm a bottoming phase.
Use caution, take care.
So far price has found some support onto 0.618 FIB of the last upswing.
Falling wedge and possibily a ( quite stretched ) "interim" bullish flag.
Price needs to promptly react from here and to move towards and above 7800$ area in order to look for a Cup & Handle.
Daily close ( today ) should be over SMA100 ( Fixed typo here ).
Otherwise things may get out of hand again for the bulls.
A slow drift / bleed towards 7200$ area should be avoided, given a Head & Shoulders pattern potentially insists there.
On a side note i'd welcome a OBV/D low above the blue / dashed support ( or at least above the recent lows ), as that would implicitly confirm a bottoming phase.
Use caution, take care.
Comment:
Out of falling wedge, seemingly breaking up smaller triangle.
I'm keeping an eye on the ascending triangle whose upper bound is the resistance around 7635$.
Break up of 7650$ area needed for further consolidation within a bearish flag.
If so i'll be looking forward to today's low confirmation or a higher low.
Failing to break up 7650$ within a few hours may suggest further correction.
I'm keeping an eye on the ascending triangle whose upper bound is the resistance around 7635$.
Break up of 7650$ area needed for further consolidation within a bearish flag.
If so i'll be looking forward to today's low confirmation or a higher low.
Failing to break up 7650$ within a few hours may suggest further correction.
Comment:
Nice throwback.
Sorry the typo, i meant SMA100 instead.