OK, so Elon's tweet broke the deccending wedge formation, which as expected prompted an immediate upside.
Hoewever there was no follow through by buyers and bears took control and re-established the downtrend. my position now is short.
it is clear from the upper level of the Elon tweet spike that we have moved from a descending wedge into a clearly defined downwards channel, which I expect will be completed by a re-test of the low boundary currently at 26k ish.
I expect that if we get there then due to more touches on the downwards than the upwards line that we will probably breakdown and head towards 23k, but I will take profits at 28k and see how it plays out
Good luck everyone.
Hoewever there was no follow through by buyers and bears took control and re-established the downtrend. my position now is short.
it is clear from the upper level of the Elon tweet spike that we have moved from a descending wedge into a clearly defined downwards channel, which I expect will be completed by a re-test of the low boundary currently at 26k ish.
I expect that if we get there then due to more touches on the downwards than the upwards line that we will probably breakdown and head towards 23k, but I will take profits at 28k and see how it plays out
Good luck everyone.
Trade active
possible upwards break
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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.