Hi All,
Still sticking to my previous analysis.
The price is preparing to break the strong resistance purple line (9500 $). It has been "knocking" on this level 4 times already and now it looks like bulls have run out of steam and this resistance is not gonna hold for long.
RSI has still to revisit the oversold territory. Volume has been decreasing for the last couple of weeks which is a bearish sign.
I expect the price to test the 200 EMA and at the same time hit another resistance level (orange line) around 8400 $. It is higly probable that we will end up at 8000 $. From that point I will be entering long positions.
- If we break 8000 $ level to the downside then the next stop will be 6000$ which is our last resourt defence line. - hopefully it won't happen cause that would mean that our flag formation has been obliterated...
Breaking above from this bull flag will lead the price to hit 16 000 $ level.
I hope price action will develope this way.
GL & HF ;)
Still sticking to my previous analysis.
The price is preparing to break the strong resistance purple line (9500 $). It has been "knocking" on this level 4 times already and now it looks like bulls have run out of steam and this resistance is not gonna hold for long.
RSI has still to revisit the oversold territory. Volume has been decreasing for the last couple of weeks which is a bearish sign.
I expect the price to test the 200 EMA and at the same time hit another resistance level (orange line) around 8400 $. It is higly probable that we will end up at 8000 $. From that point I will be entering long positions.
- If we break 8000 $ level to the downside then the next stop will be 6000$ which is our last resourt defence line. - hopefully it won't happen cause that would mean that our flag formation has been obliterated...
Breaking above from this bull flag will lead the price to hit 16 000 $ level.
I hope price action will develope this way.
GL & HF ;)
