Hey hey my friends 👋
Looks like we broke out the bottom of this continuation pattern with some volume which gave the move some validity, looks to see the price action trying to come back into the falling channel.
If we can get back in and stay in we are golden otherwise there are a few negatives here, we broke through the 200 ema which will act as a hard resistance to break as well as overhead resistances now have formed quite a few levels to get through to make a new all time high with a downside parabola starting to form against the Dollar
MAX PAIN scenario is that we can come back down to the 40k-37k levels and still be long term bullish, coming down to these levels would have us finally come back to the weekly 21 ema which it has not done for over 29 weeks, well overdue for a bounce off of it and then continue upwards
Looks like we broke out the bottom of this continuation pattern with some volume which gave the move some validity, looks to see the price action trying to come back into the falling channel.
If we can get back in and stay in we are golden otherwise there are a few negatives here, we broke through the 200 ema which will act as a hard resistance to break as well as overhead resistances now have formed quite a few levels to get through to make a new all time high with a downside parabola starting to form against the Dollar
MAX PAIN scenario is that we can come back down to the 40k-37k levels and still be long term bullish, coming down to these levels would have us finally come back to the weekly 21 ema which it has not done for over 29 weeks, well overdue for a bounce off of it and then continue upwards