On a bigger time frame we are still in a massive bear trend. If we ever fall down again the next major support is at 7400 - 7200.
HOWEVER, looking at the still rising Money Flow and the RMI still staying firmly above 50, I highly doubt we are going to fall any time soon. The buying force is not exhausted yet, at least not until the 8100 support line is broken.
The price will fluctuate in the 8400 - 8100 range for a while. Any breakout out of this region will signify a strong movement in that direction.
If you are a day trader I don't recommend trading in this zone right now since this bound is only ~2.5% in difference.
In a nutshell: watch the 8100 support line closely, anything going below will be followed by a massive sell-off. However if this is a bullish trend it will take a while.
I will post another update when I think the price will plummet, most likely when the RMI takes a massive down slope.
My opinion is purely based on technical indicator and support/resistance line alone.
Best!
HOWEVER, looking at the still rising Money Flow and the RMI still staying firmly above 50, I highly doubt we are going to fall any time soon. The buying force is not exhausted yet, at least not until the 8100 support line is broken.
The price will fluctuate in the 8400 - 8100 range for a while. Any breakout out of this region will signify a strong movement in that direction.
If you are a day trader I don't recommend trading in this zone right now since this bound is only ~2.5% in difference.
In a nutshell: watch the 8100 support line closely, anything going below will be followed by a massive sell-off. However if this is a bullish trend it will take a while.
I will post another update when I think the price will plummet, most likely when the RMI takes a massive down slope.
My opinion is purely based on technical indicator and support/resistance line alone.
Best!
I will notify when there is consensus among multiple indicators that price is ready for a down turn back to sub 7500 area
Best!