We have been in an ascending channel since April 1st. Today's drop from the bull trap is sitting precariously at the bottom support which it tested a couple of days ago already.
Two scenarios:
1. We may bounce upwards from here but seems quite unlikely given the bearish sentiment and trend indicators bearish across the board. However, there are probably a lot of newly opened shorts that might push us slowly upwards if stop losses are hit.
2. We break the channel trendline which will mean the first target is $7.8k, if that doesn't hold we will probably be retesting $6.5k level
Two scenarios:
1. We may bounce upwards from here but seems quite unlikely given the bearish sentiment and trend indicators bearish across the board. However, there are probably a lot of newly opened shorts that might push us slowly upwards if stop losses are hit.
2. We break the channel trendline which will mean the first target is $7.8k, if that doesn't hold we will probably be retesting $6.5k level
Note
Channel held and large breakout. Now we wait to see if it can break out of the current descending trednline. Break above $8850 will probably confirm a move to the previous high support at $9350Note
I also updated my chart colours. Got tired of staring at red, was making me feel angry hahaNote
Dropped out of the channel :/
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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.