Bear case:
MA50 above,
resistance zone
MACD about to hit 0 level (typically it acts as resistance from below and could turn down)
Hbearish divergence but thats pretty normal with such moves
and bearish megaphone line (if this is even a thing),
probable Wave 4 of elliot correction
Bull Case:
I do not see any technical bullish signs except for the strong bounce of the previous level with a sort of double bottom on 1h,
1d closed above 20 MA
more fundamental news lean towards bullish but that could be just hype to trap retail people like us
MA50 above,
resistance zone
MACD about to hit 0 level (typically it acts as resistance from below and could turn down)
Hbearish divergence but thats pretty normal with such moves
and bearish megaphone line (if this is even a thing),
probable Wave 4 of elliot correction
Bull Case:
I do not see any technical bullish signs except for the strong bounce of the previous level with a sort of double bottom on 1h,
1d closed above 20 MA
more fundamental news lean towards bullish but that could be just hype to trap retail people like us
Note
As a matter of fact there is confluence of resistance. If it breaks up and retests it - bull run continues, if not - back to mid 40 range.Note
Well, ok there are a couple of bull signals:Got back above black trendline,
Seems to have tested it / level
Above 20 MA
MACD curling up
All in all, still undecided but I lean towards going down unless we see more volume on this move up.
Note
Careful for fakeouts:Note
Fakeout into a triple top or ascending triangle about to break above?Note
Note
Triple top breakdown to lower channel. If it dosen't hold -> 45k next. If it does, back to 51kNote
Actually, on the 1h it is testing the previous resistance. If it breaksdown -> new lows to be expected, if not, it will visit upper channel;
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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.