Key Level Of Support is at $7860 Last Line Of Defense is at $7705
RSI has a Bullish Divergence. If RSI Level stays above Level 20, it will continue to be bullish even if price dips further.
Great Big Breakout Coming Very Very Soon!
Upside Breakout Target: $8827
Downside Breakout Targets: 1. $7540 2. $7223
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
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More Power To All Your Trades, Ron (The Intrepid Trader)
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Downside target could go as low as 6K
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Upside Target Could Go As High As 10K
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Price could move another leg down but RSI is still in the bullish region (RSI Divergence at Level 20 or Higher is Bullish).
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Bear Trap! This pyramid or diamond should've been a reversal in the first place.
But it was relatively easy to forecast this rebound, let's consider that SO FAR this is just a local pullback to previous support:
It's up to bull to show some further strength and the single most important thing for now (imho) is having a weekly close over MA100/W on sunday.
The higher the better.
For now weekly looks great, with the chance of a hammer forming.
Yet it's just friday.
Hope for the best.
RSibayan
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@ft-73, 10K is the target for this pyramid. Wish you the best.
f-73
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@RSibayan, Sure, we may have had a failed low here. But we'll know better on monday.
Not willing to hurry, best wishes.
Here is Weekly RSI.
Bottom of channel.
Epic bear trap or crumbling.