The signals for trend reversal keep increasing as days go by. The market is back to test the critical point uptrend line and 50MA aligned together. This kinda strong support confluence is where the market is hanging now. If market bounce back from here we can keep saying we in uptrend.
However, if this 50MA + uptrend line support breaks I think the market can plunge to the abyss and probably go back test the 23.8k levels.
Bears have more juice atm:
- daily PSAR is negative
- pointing to the abyss
- price failed to stay above 200MA
- price below 0.618fib if this is not a bear trap before the market kicks their butts and go back towards the 30k
Bulls have this critical point to save them and hope for Mr Market to play a bear trap.
I will keep my eyes on this chart and keep you updated of any single change to the direction so that you can make informed decisions.
Have a nice weekend.
Dont forget to smash the likes.