I think we're in the process of seeing a fake breakout above resistance. Over the past few weeks, price has moved up past the $152 resistance, but price looks like it's now rolling over. Upon a break of that $152 resistance on support, it sets up the possibility for price to crash back to the $122 region before finding support.
I've put key dates on the charts for changes in price action, let's see what happens over the next month or two.
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Got the big move down today. Let's see if it makes it all the way down to the lower support. Taking profits on my shorts at $131
Nice call! What kind of bounce you thinking off $121?
benjihyam
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@chriso27, I’d look for $131 first. It’ll likely have a hard time breaking it the first time around. If it rejects, it can potentially retest these lows or go lower so just be careful. But likely longer term upside to test the 150s before falling again
ulfkirsten1234567
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Kudos, Sir! I instead tried to catch the falling knife -.- You think we gonna bounce up from here, and if so, how far? 131-133 ish? Regards
benjihyam
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@ulfkirsten1234567, Yes, I think it likely bounces from $121-122. I'd look at price retesting the previous resistances.
ulfkirsten1234567
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@benjihyam, wow thanks! I think resistance is quite heavy starting from 131 up to 133. If it reaches 135, it might rally more. I wouldn't say ATH though - not for quite some time at least ;-P