Overview
This is a continuation of a Bump and Run Short Bear analysis that I did at the beginning of May, which as you can, see proved to be wrong as the prices never recovered from the "bump" and instead continued to rise up dramatically. Interestingly, though, the resistance trendline turned into support line for what is a general bullish uptrend. Everyone is wondering how long will this last.
Bears
The only bearish signal at this moment is a huge spike of red(sell) volume, which has not entirely been manifested on the prices. Unless green volume hits back, this can pressure the prices to drop down further. For now, the support line has been tested successfully, currently, we're testing it another time.
Short Term
What is backing us up is the Donchian Cloud and DBB/Bolinger Bands which show the prices bottomed out at the lower bands and have begun recovering. The support line has historically proved to be a nice entry point, so did the Donchian Cloud and BB lower bands. Exit accordingly at the top, If you're trading that is.
Long Term
Generally, we're still in a bull market, corrections come and go, volatility on daily to weekly ranges are normal. Any sudden pullbacks are generally unwarranted, but if they do appear, then we must start to look to establish accurate levels of correction with the help of Fibonacci Retracements and historically longer-term supports.
For now, we can stay positive, Let's see how far this puppy can bring us.
This is a continuation of a Bump and Run Short Bear analysis that I did at the beginning of May, which as you can, see proved to be wrong as the prices never recovered from the "bump" and instead continued to rise up dramatically. Interestingly, though, the resistance trendline turned into support line for what is a general bullish uptrend. Everyone is wondering how long will this last.
Bears
The only bearish signal at this moment is a huge spike of red(sell) volume, which has not entirely been manifested on the prices. Unless green volume hits back, this can pressure the prices to drop down further. For now, the support line has been tested successfully, currently, we're testing it another time.
Short Term
What is backing us up is the Donchian Cloud and DBB/Bolinger Bands which show the prices bottomed out at the lower bands and have begun recovering. The support line has historically proved to be a nice entry point, so did the Donchian Cloud and BB lower bands. Exit accordingly at the top, If you're trading that is.
Long Term
Generally, we're still in a bull market, corrections come and go, volatility on daily to weekly ranges are normal. Any sudden pullbacks are generally unwarranted, but if they do appear, then we must start to look to establish accurate levels of correction with the help of Fibonacci Retracements and historically longer-term supports.
For now, we can stay positive, Let's see how far this puppy can bring us.