In my previous post, I made a slight error drawing a trendline a little too aggressively. As the chart shows now, a very distinguishable trendline has formed and the price is moving with a pendant. The 7000 resistance (coincides with the .5 fib for this retracement) has been tested a few times over the past week, and we are now at an inflection point where I imagine it will be broken. If we move above the 7000 zone, I would not be surprised to see a swift rally to 7400-7500.
It must be noted that the volume is weak and shows signs of bearish divergence. Ideally, I would like to see a strong uptick of volume as we break through the 7000 resistance.
It must be noted that the volume is weak and shows signs of bearish divergence. Ideally, I would like to see a strong uptick of volume as we break through the 7000 resistance.
Note
Seams to be happing faster than expected.
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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.