ALRIGHT FOLKS , THE PRICE ACTION IS VERY SIMILAR WHEN COMPARED TO THE DESCENDING TRIANGLE IN THE 2017-2018 BEAR MARKET.PRICE REJECTED THE UPPER TRENDLINE OF THE TRIANGLE MULTIPLE TIMES AND TESTED THE BOTTOM TRENDLINE SUPPORT AND EVERY TOUCH THE TRENDLINE FACED WE BOUNCED AND THE BOUNCES GOT WEAKER AND WEAKER UNTIL WE FINALLY CAPITULATED. WE ARE ABSOLUTELY IN A BULL MARKET BUT WE WILL SEE A MID TERM BUY THE DIP OPPURTUNITY POSSIBLY TO 6K TO FILL THE CME GAPS FIRST BEFORE WE MAKE OUR RUN UP TO 16K. MACD SHOWS SIMILAR SIGNS ; DOUBLE BOTTOM WEAK BOUNCE, RSI IS SIMILAR AND THE 50 DAY MA , 21 EMA ARE ACTING AS RESISTANCES JUST LIKE THEY DID IN THE 2018 BEAR MARKET. I WOULD SHORT HERE WITH A STOP ABOVE 10.5K AND TARGET 8K FIRST AS THERE IS A STRONG SUPPORT AROUND 8.2-8.4K REGION. I HAVE MY SHORT ORDERS SET AT 9900 AND 10.1K AS WE CAN SEE ONE MORE TOUCH TO THE UPPER TRENDLINE ON DAILY IF THE SAME FRACTAL WERE TO PLAY OUT. TRADE SAFE . MANAGE YOUR RISK.
Trade closed manually:
Closed at 8.2k for 15% gains. This was the easiest short ever.
PP