I traced the 100d MA and 200d MA from the daily chart (so it isn't perfect) but it is clear that we are coiling for a big move right in between them.
There's some pretty hefty resistance at about 9430 or so, and if we get over that I'd say we're good and this massive bull flag is gonna break up. But I'd say 9100 is also pretty important, I don't want us to stay down there for too long if we've got any chance of breaking this range to the upside.
There's also a downtrend line from 14k to be aware of but it might not be that important, just thought I would throw it in there.
That was a really nice wick a couple hours ago so that means buyers are at least showing a bit of strength. Perhaps this could be some sort of re-accumulation. But spending so much time at the bottom of this range, repeatedly testing the 200d MA and grinding along it isn't a particularly good sign. So I have a slight bearish bias until we convincingly break 9400.
But yeah I don't think we're gonna spend much more time in this range. Hopefully we go up.
There's some pretty hefty resistance at about 9430 or so, and if we get over that I'd say we're good and this massive bull flag is gonna break up. But I'd say 9100 is also pretty important, I don't want us to stay down there for too long if we've got any chance of breaking this range to the upside.
There's also a downtrend line from 14k to be aware of but it might not be that important, just thought I would throw it in there.
That was a really nice wick a couple hours ago so that means buyers are at least showing a bit of strength. Perhaps this could be some sort of re-accumulation. But spending so much time at the bottom of this range, repeatedly testing the 200d MA and grinding along it isn't a particularly good sign. So I have a slight bearish bias until we convincingly break 9400.
But yeah I don't think we're gonna spend much more time in this range. Hopefully we go up.