As we can see from using RSI and focusing on the "M" shapes that have been created in the past week - new highs were established and pushed through resistance in between, using this train of thought and also using the MAC D indicator focusing on divergence we see the blue line crossing below the orange line - signaling a selling point and a future divergence in a drop of price. While the last week was truly historic I firmly believe that momentum is going to be lost and that within the near future we will see a significant drop in price and the RSI create a "W shape" as the price drops.
@jryda I think it is very much possible taking all factors into consideration of this pandemic/activity this past week. I firmly believe that momentum will swing downwards within the near future and that resistance (to these highs) will be strengthened and the the price will be corrected. Cheers.
fav789
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@jryda, We already passed 50% Fib on Thursday. It was about 278 (I have 278.63, but some people had slightly different numbers based on their start/end points). We came back down below it and banged against it as resistance the last hour, which is a bearish indicator as I see it. The algos needed to breach it and then didn't want to go back over.
There is a good debate about whether or not 293-300 needs to be achieved before it can go down based on it needing to go above the 61.8 Fib. If we see movement to the upside at all past 279 next week honestly, I am going to take a short-term bullish position until it gets there before it turns.