On the bullish side, there’s the measured move target.
On the bearish side, there’s a bearish Wolfewave.
There’s a 3:1 ratio bear target and an intersecting line target.
Bears who already took on positions could still be in the game even after the bulls reach their measured move target.
Bulls taking profits at their measured move target combined with bears shorting could push price down.
However, if price goes above the bear’s risk tolerance, bears could buy to cover.
Combine that with momentum bulls jumping in…
It could push price up quickly.
Traders should also check out the weekly interval chart which is still currently bullish.
On the bearish side, there’s a bearish Wolfewave.
There’s a 3:1 ratio bear target and an intersecting line target.
Bears who already took on positions could still be in the game even after the bulls reach their measured move target.
Bulls taking profits at their measured move target combined with bears shorting could push price down.
However, if price goes above the bear’s risk tolerance, bears could buy to cover.
Combine that with momentum bulls jumping in…
It could push price up quickly.
Traders should also check out the weekly interval chart which is still currently bullish.
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.
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.