I believe were are witnessing wave IV within the EW grand super cycle (multi-year bull market) unfolding as the price keeps bouncing withing the falling wedge
as seen on the graph. The low of 6K took us below the lower trendline
but we managed to climb back above and hold the levels within 2 weeks of touching down on 6K. This leads me to believe there is huge demand in the 6 to 7K range as shown by the very bullish doji
reversal daily candle on 6 feb 2018.This said, we may be very near a bearish
to bullish trend
change which could get us started with the very long awaited (and epic) grand super cycle wave 5.
Next days we will see if the price manages to revisit the upper trendline
and eventually break it on high volume
. The trendline
touchpoint is currently sitting around 9K; watch for big volume
break when we near those levels.
The cautious traders would want to wait out and see if the breakout is going to happen.
The risky big balls traders could open a long at these levels with stop losses just below the previous low of 7700.
Will come with an update as the price action develops.
Good luck to all and happy trading!