200MA, 200EMA (which has worked as support before) and key level ~29 700 was tested and turned to resistance like it is seen on the graph. Next target~26 800 and if that gets broken ~23 000.
IF history repeats itself, then we might go test the 18 200 levels which happened last time 200MA turned to resistance (2008)
This analysis is invalid if we break ~29 700-30 000 and get on top of the EMAs
When Fed pivots and start to print money again the markets will turn, and the markets are probably going to sniff that before it actually happens. I think it's sooner than we expect.
-Jebu
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Here we can see what happened 2002 and 2008 after 200EMA or MA was turned to resistance Also some turning points of the price
Hi...you really think it will or can go that low, 26 800 let alone anything below? Thanks for sharing Cheers
PalenTrade
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@Laurent10, 26 800 easily before price action shows otherwise (gets back on top of the 30k). I really think it depends of the fed. If/when they start quantitative easing, probably the markets turn. If we would hit ~26 600 and break it next target would be around 23k. One week and level at a time
Laurent10
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@Jesuppi, Yeah the FED makes me nervous, I'm NEVER to sure how to interpret their actions and choice of words - very frustrating.
Thanks for sharing
Cheers