The 200 Weekly EMA (pink) has rejected the price multiple times (red arrows) and will offer stiff resistance now. On the other hand, price crossing it (Bullish) will easily take us to 5k target.
I have 2 green lines for support and resistance in RSI with arrows showing where price in 2014 took support and later found resistance after a short spike and made the final bottom and took support again. Once again, we saw the price bounce in Dec'18 after taking support a lower green line, but now reached the upper green resistance (red arrow)
My personal bias is i'm a little skeptical, but there still appears to be some momentum in this rally.
Disclosure: I'm in a short with a very tight stop loss
Take Care
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And the 200 Weekly EMA wins again! Note how the RSI resistance level also helped (red arrow)
Interesting update pointing out that RSI is also bound in a tight zone. Back in 2014, this led to divergence. Interested to see if that'll happen again now.
UnknownUnicorn1375590
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Good chart re. The range is going to tighten between the support & resistance. Bring the popcorn out!