If we look at the indicators, we will be able to get several signals. They are following:
- histogram supports the upward movement
- lines support the upward movement
- gives a signal
- DMI is
- line moves upward telling us that buyers become stronger.
These signals are good for buying but we still have strong resistance lines and level which the market must break in order to move higher.
The 1st resistance is SMA50. It's not so strong but it also can stop the market. We will have to watch for the price action at this line during several weeks.
If the price breaks it, the next resistance will be at 6000.00 level which should be a very strong level for the market. It acted as the bottom for a long time, and the market will need solid reasons for breaking it.
If the price can do this, the next resistance is SMA100. Will the market be able to pass this resistance from the 1st attempt? It's a good question.
Also, we can think about the zone between 5600.00 and 6400.00 as the . Will the market be able to pass it without a correction? Share your thoughts in comments. The market looks in the long run and the correction could be a good part of such uptrend. The best zone for buying still is at the main uptrend line, it's about 4200.00 - 4000.00 levels. If we talk about proper trading, long positions should be opened after the correction from the uptrend line based on a reversal signal.
But also I should say I like your idea and the charts. You tried to find the possible examples from the past and you will be able to succeed in it.
Thanks for sharing your opinion!
We are still long and up 7.56% today and letting the stop-loss update every 4 hours to protect gains. This sure is exciting :)
Still, I wait for a slight correction because the resistance is just so strong above the current price. It has uncrackable support in mid-2018 (almost 6-8 months) and it almost has to make this correction from there:
All the best!
The golden cross is about to happen on the daily chart
We expect a correction but to $4500 or higher.
Indicators show the price saturation but Ichimoku Cloud is in the strong bull mode. We may have a retrace to the top of the cloud which is at $5300.
We will keep you updated.