Good morning all. Last night we did see the down sloping support hold at $9,940 following up with a quick spike back up near the 0.382 level around $10,280. This was most likely a mini short squeeze because we saw price go right back down to re test the support line. Price was once again supported at this level with a hammer candle on the 2H timeframe and is printing bullish divergence with RSI. Nothing in trading is guaranteed, and we must realize that patterns don’t always play out the way they are “supposed” to. With that being said what “should” happen - or at least what I expect - is a push to the resistance with a break turning it into a support. If and only if this resistance line turns to support should we see the falling wedge play out to bring price to the 0.236 level at or near $10,500.
This is not trade advice, only my personal opinion. Do not trade on anyone else’s ideas other than your own.
This is not trade advice, only my personal opinion. Do not trade on anyone else’s ideas other than your own.