Yesterday's historic bounce reacted a little to perfectly to the monthly trend-line pictured. Whether coincidence or not, this break in momentum will likely provide an interim bottom to the downtrend and give us a few weeks of reprieve before continuing with the bear market. $37,000 the level to watch.
My outlook is generally still flat although it is useful to remember that the biggest pumps happen during a bear cycle. We also have a full blown trade war on our hands so keep risk tight and trade with caution.
My outlook is generally still flat although it is useful to remember that the biggest pumps happen during a bear cycle. We also have a full blown trade war on our hands so keep risk tight and trade with caution.
Trade closed: target reached
Enjoyed trading this relief rally, all indicators are now showing a downturn promptly instigated by Moodys rating downgrade. Whether the downturn lasts or is just a temporary discount in price before popping back up to ATH is to be seen. Hope this was able to help!
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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.