You can see how the price has obeyed the yellow trendline
. Generally, in a squeeze, we obey the larger trend and on the 27th we should break out downward. But I doubt that given the next trend support is at 7.5k and I don't think the bulls are going to let that happen. I expect 10.4k, or the red trend line
, on the 27th. If we break that we can go to 10.9k at the pink trend line
. If we break downward past 9.8k and don't quickly bounce back up, I'm expecting a 7.5k short opportunity, with a likely possibility it will stop and reverse sometime before actually reaching 7.5k. I still expect 10.6k in September with a breakout upward sometime in that month.
Oscillator on the weekly says we're still in a bearish
divergence. I don't expect a 14k
anytime soon. October at the soonest.