This is is it folks! $17 or $33
It is important to state that this is on a log scale chart. If you plot this on a non-log the bottom line of support is closer to $17.
With that in mind we are at our strong macro line of support. We break this we're going down to at least $17 in my opinion.
Bullish case: it looks like were in a descending broadening wedge which tends to break out bullish. I expect to at least get a bounce to test the top of the trend at $25 where we will hopefully break and head to $33.
Bear case: I still think we hit the top of the trend line at $25 and we dump hard. Breaking that macro trend line will require some volume.
Either way keep an eye for $25. Look for volume pickup at the break out.
Ultimately we need to break $33. We're in no man's land until then.
With that in mind we are at our strong macro line of support. We break this we're going down to at least $17 in my opinion.
Bullish case: it looks like were in a descending broadening wedge which tends to break out bullish. I expect to at least get a bounce to test the top of the trend at $25 where we will hopefully break and head to $33.
Bear case: I still think we hit the top of the trend line at $25 and we dump hard. Breaking that macro trend line will require some volume.
Either way keep an eye for $25. Look for volume pickup at the break out.
Ultimately we need to break $33. We're in no man's land until then.
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