Today I'm talking about the DOW cause there is a strong correlation between Bitcoin and the Global Markets atm. The DOW has made significant gains after a brutal last week, yet are we out of the woods?
News
-Presidential debates will take over the market until after the election
TA
Now Lets start of simple and wanted to say I wanted to show the 5min time frame but trading view said no, so I'll try to do my best to describe what I see even though with the high volatility that is about to happen the 5min time frame is what investors should be watching up too the election.
-As of now the Dow has created a lower high after breaking out of our brutal downtrend, yet BTC took hits but is ultimately going sideways with higher swings of volatility depending ona .02% in the DOW. At the same time the DOW is creating lower highs which will result in more selling pressure going into the election.
-You can see some blue circles, these repest similarties in past and present price action. This could result with a 200+ point move in the DOW, with give a 500+ point correction hitting a PT of 27696 roughly high and a 27138 low, with more movement lower next week
-MACD is trending up looking for more bullish price action.
-RSI is overbought showing the market could be nearing its end of a short term bull run
Final Thoughts
Best play is to take profit when you are in the green and don't be greedy. A recovery during heated debates could cause damage on short term trading accounts or looking for quick gains. Also quick note alot of rumors are going around that Oil will dump pretty soon and will happen before the market dumps, so watch for futures in Oil.
News
-Presidential debates will take over the market until after the election
TA
Now Lets start of simple and wanted to say I wanted to show the 5min time frame but trading view said no, so I'll try to do my best to describe what I see even though with the high volatility that is about to happen the 5min time frame is what investors should be watching up too the election.
-As of now the Dow has created a lower high after breaking out of our brutal downtrend, yet BTC took hits but is ultimately going sideways with higher swings of volatility depending ona .02% in the DOW. At the same time the DOW is creating lower highs which will result in more selling pressure going into the election.
-You can see some blue circles, these repest similarties in past and present price action. This could result with a 200+ point move in the DOW, with give a 500+ point correction hitting a PT of 27696 roughly high and a 27138 low, with more movement lower next week
-MACD is trending up looking for more bullish price action.
-RSI is overbought showing the market could be nearing its end of a short term bull run
Final Thoughts
Best play is to take profit when you are in the green and don't be greedy. A recovery during heated debates could cause damage on short term trading accounts or looking for quick gains. Also quick note alot of rumors are going around that Oil will dump pretty soon and will happen before the market dumps, so watch for futures in Oil.
