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.
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Related publications
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.