The technical analysis suggests that we could be in for 1 more leg down towards the 8k levels completing the ABCDE ellot wave correction pattern. - this would be a much truer test of the massive psychology number that is $10,000. If we were to break the 10k level to the downside, this would likely happen in the next few days, and the 200 period MA would be the next place for price to gravitate towards - aligning with the 26.6 Fibonacci retrancement support level , previous price-structure support and the weekly 20 MA support. I would expect to see a massive bullish response from this level, as it is a major take profit level for bears, and an excellent opportunity for new bull entrants to own a piece of this market 60% off from all time highs. This response would be enough to cause a large engulfing candle and we would be right back up in the 10k levels in no time. Pure speculation at it's finest, but what else do we really have to go on? - alternatively 10k could hold and we could start to see a base form, which could be enough to change the direction of the trend. But as of this moment, there are a ton of bearish indicators and resistance lines to get across, which i would expect needs a massive move backed by increasing volume to break through.
I maintain my bullish long - term view, and do believe we will see new all time highs in 2018, how we will get there is still a mystery, but I will be waiting patiently and preparing for some massive volatility to come int he near future, stay tuned (y)
I maintain my bullish long - term view, and do believe we will see new all time highs in 2018, how we will get there is still a mystery, but I will be waiting patiently and preparing for some massive volatility to come int he near future, stay tuned (y)
