Talk about riding the line! What do you guys think? At this point I am going the traditional approach of waiting on the sidelines for some form of confirmation. I am not good enough yet to trade this chop. ;)
I have the same triangle drawn on my chart, looks like we’re in an equilibrium but it has to breakout within a week.
I suspect it will break downward at first and find support at $8-8.5k with slowdowns at $9.5 and $9, then resume the bullish upward trend.
So many bears are calling for shorts with those targets...once they hit their targets they will take the pressure off and let the bulls run for a while.
Either way, the next big move is going to break the 9k or 12K supports/resistances that have held strong since June, they can’t both hold forever!
Yoeshi
⋅
trade idea: if we break above 10530. Most likely straight shot to 10900. Short stop at 11k resistance range. Sell there for about 4% profit or hodl till more significant resistance at 11500 for 10% profit.
VincePrince
⋅
This is a really interesting analysis, thanks for sharing.
I suspect it will break downward at first and find support at $8-8.5k with slowdowns at $9.5 and $9, then resume the bullish upward trend.
So many bears are calling for shorts with those targets...once they hit their targets they will take the pressure off and let the bulls run for a while.
Either way, the next big move is going to break the 9k or 12K supports/resistances that have held strong since June, they can’t both hold forever!