Description
⋅ The support at $6000 held, for a Triple bottom.
Bears looked exhausted by the time they reached there. It was easy for the Bulls to defend.
On the way back up there is a lot of resistance around $7000.
4hr Chart has resistances of:
1) 50MA
2) A horizontal resistance
3) Bottom of the symmetrical triangle
$7000 is important profit taking area for Bulls.
$7000 - $7200 is also a potential low risk short for Bears. Just a tight stop inside the symmetrical triangle.
Also a shorting opportunity if the rising wedge develops and breaks down. A pattern which has been working well recently.