Just looking at the previous bear market, it looks like we could be forming some smaller version on the weekly.
While I will turn bullish if we can get over 11k, I remain bearish with a potential scenario looking like this. Also note we fell through the 21 weekly MA and then went to retest it as resistance...ooooooooooh dear!!!!!
Don’t get me wrong, we may not hit these targets, at least not the low target shown here as we have a strong weekly bullish OB near $6k, but there’s no denying, with lower lows and lower highs, we are NOT in a bullish formation right now.
While I will turn bullish if we can get over 11k, I remain bearish with a potential scenario looking like this. Also note we fell through the 21 weekly MA and then went to retest it as resistance...ooooooooooh dear!!!!!
Don’t get me wrong, we may not hit these targets, at least not the low target shown here as we have a strong weekly bullish OB near $6k, but there’s no denying, with lower lows and lower highs, we are NOT in a bullish formation right now.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.