We talked about this last night that the market was on the verge of hitting major sell stops... and BOOM!
The price went to the 61.8% level I was talking about and I bought more there.
I still think we are in the optimism portion of our journey on this leg!
Getting a correction is needed, but also a shallow retracement with a support hold at the 38.2% level is a sign for more highs ahead.
As the RSI drops back below the overbought condition line, selling interest continues. The last time this happened the 38.2% level held and after a period of consolidation the market kicked to new highs.
Internal indication looks...
This is one of the charts I shared on our show last week that matched up really well with Murad's TA and charts.
The bullish and bearish zones in the RSI, along with the ADX measuring internal trend momentum, match up well at the inflection points where Murad saw changes.
I like the validation!
The price is pressuring the 377-EMA as it tries to bust out of the realm between the 233-EMA support and the 377-EMA resistance.
I highlighted in blue the area I would like to see the price trade in the coming months.
Still a buyer on shallow Fib levels... or if it breaks lower, the 61.8% and red trend line level is another buy.
Happy Trading... $6000 here we...
We have pumped above what was the watched support and resistance at the 200-week EMA and the 200-week SMA.
The new realm to watch is on the daily chart between the 233-EMA and the 377-EMA with a leaning for a break above the 377-EMA and a move to $6000 where the 377-EMA then becomes support and 6500 becomes the next critical resistance target.
Staying long the...
I like the upside movement we are seeing on the daily chart, but unless we get above the $4190 level I see a stall back to the trend line that makes up the bottom of the triangle.
The ADX is still increasing on a day over day basis, so maybe another flux of buyers comes in and launches this thing.
I still think the trend line on the bottom of the triangle holds...
Fibonacci patterns of support are holding this market as a bullish pattern. The internal momentum is weak and not being applied to any direction, so I am watching the near-term support and resistance i laid out on the chart as points of interest moving forward.
Price is dipping lower as expected. We talked about the dip happening on our youtube show, and so far buying interest interest is coming in on dips.
I laid out areas of support on the chart around the Fib level and the area on the RSI. Low trend momentum should keep us inside the trading zone of 3800ish to 4100ish.