Uptrend did not break 11.8k, what's next? cup and handle
Updated
It's clear that there was not enough momentum for the bulls to break the pervious high of 11.8k. We needed that to keep the broader uptrend intact. Not all is lost yet. I also saw some people mention the major inversed head and shoulders pattern (red) forming but they see too much what they want to see.
Is all lost now and are we going back down to the lows?
Not yet. A quite nice cup and handle could be forming (green). I see the price going down 10% from the last high to around 11.3k
A bounce from there could propel us past the previous highs
Is all lost now and are we going back down to the lows?
Not yet. A quite nice cup and handle could be forming (green). I see the price going down 10% from the last high to around 11.3k
A bounce from there could propel us past the previous highs
Comment
Restistance zone from 10.3k to 10k. Look on the daily chart; trendline, 50 days MA and also 10k resistance should hold
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.