As laid out in my previous publications (please do check them - links attached), the 13.8K level is providing resistance and stopped the latest move up. Logical, as this is the highest monthly close we've ever seen, and it already provided resistance back in June of 2019 after a spectacular bull run.
While back in those days, this was the signal for a big decline and a (failed) test of previous lows, I do not expect that to happen this time.
What I see for the rest of Q4 is for price to range within the levels defined on the chart, providing an opportunity to re-accumulate. 2021, as said in previous publications will most likely be when we will breach this 13.8-14k level and find support on it, to test the ATH levels later in the year.
What are your thoughts? Leave them down in the comments below.
Thank you for reading, and if this analysis was useful for you, a thumbs up would be appreciated.
Have a great day!
While back in those days, this was the signal for a big decline and a (failed) test of previous lows, I do not expect that to happen this time.
What I see for the rest of Q4 is for price to range within the levels defined on the chart, providing an opportunity to re-accumulate. 2021, as said in previous publications will most likely be when we will breach this 13.8-14k level and find support on it, to test the ATH levels later in the year.
What are your thoughts? Leave them down in the comments below.
Thank you for reading, and if this analysis was useful for you, a thumbs up would be appreciated.
Have a great day!
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► www.tradingview.com/u/Nico.Muselle/
Twitter: twitter.com/NicoMuselle
I would not try and buy all at the bottom of the zone, but layer my buy orders in the top half of it.