Here we go, we've broke down of the bear flag as expected and we dropped quite hard.
So, we've found support on the blue line. We've bounced of it previously (yellow circle) but will likely break trough that support line aswel. But before we do that, we are probably going to consolidate for some time there and retesting the line a couple of times before braking trough it.
But why do i think we will break trough it? Let's take a look at the orange line. We've found support on that line many times before. At the end or that line, we've bounced of it and after a while we broke trough it. But before we broke trough it, we retested that line a couple of times on a shorter time frame.
My target is still $5K and that target will stay until i see some bullish signs.
So, we've found support on the blue line. We've bounced of it previously (yellow circle) but will likely break trough that support line aswel. But before we do that, we are probably going to consolidate for some time there and retesting the line a couple of times before braking trough it.
But why do i think we will break trough it? Let's take a look at the orange line. We've found support on that line many times before. At the end or that line, we've bounced of it and after a while we broke trough it. But before we broke trough it, we retested that line a couple of times on a shorter time frame.
My target is still $5K and that target will stay until i see some bullish signs.
Note
Testing the support line now. Bounced of it but looks like it's ready to go lower. If it breaks trough, we will go to around 5600-5800.
Note
Be aware of another drop. Probably going to go a bit sideways before dropping again. RSI on the 1H oversold and now pulled back into the purple zone. Still having some ways to go on the 1D & 1W chart.
Note
Testing $6K now. Faster than expected. This is a huge psychological barrier so it will take some time before we break trough. If we break trough, be ready for a fast sell off to around 5600-5800 before finding support.
Note
There we go. $6K is now a resistance level. Will probably consolidate between 5600-5800 before going down further.
Note
Afer such a long drop, it needed some sort of upside movement. So it did. Went to around 6200 and dropped now to 6050 and retesting the $6K barrier
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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.