The depression phase is over, the last bounce was quite optimistic and the worse FUD is over, positive news also coming in, so I think bears got what they wanted.
Daily StochRSI showing it's going down once more and then we are going into the new bluish channel, braking the old resistance channel. I don't believe it will go as far as 6k$, but around 6.3k$ and following the old trendline again, before sideways/slightly up again.
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Also, everytime daily closed below fib levels, it went down, so I think just looking at double top it created and closing under fib is good enough sign for going down.
it will either go up or down....most TA are useless since many people read the same charts and come up with different ideas which do not fit. Most experts base their analysis in their portfolio position
Honour
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@GazMema, all TA's are assumption of what is going to happen given what you see and happened in the past. You are trading patterns based on lines and indicators, which give you an indepth look of what is happening. I'm not saying TA is 100% correct. However, done properly it should make you feel safer about your positions and what is happening with price and why the price is where it is.
It's not just it can 'either go up or down'. Most TA fails, because it's done wrong and looked at on short timeframe a.k.a, people trying to catch bounces and so on. Which is not wrong, if you can do it, but there's small % of people that are good intraday traders. I'd rather go for something I'm sure about and convinced in myself = Bigger Timeframe.
GazMema
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@Honour, true, but anytime it is 50/50 up or down. I think people who take profits (any size) make money, people who expect to to get rich with one trade and don't sell while are green, sell scared later with a loss :)
Honour
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@GazMema, I don't know how something can be 50/50, when in the past things happened with almost 100% accuracy. And even if it doesn't plan out you can hedge your position, set stop losses and change your decision if the first one doesn't plan out. Where you are going to take profits is also based on fib levels and lines, but that's up to you where you see it going based on TA. Most people take profits according to TA. Unless they are purely fundamental traders.