1.123T Is Key
We had broken down from a huge Ascending Triangle formation on 1/21/22 adding more momentum to the downward trend. Now we look to be in a Bear Flag, indicating a continuation to the downside with a break of the bottom of the formation. I measured from wick to wick giving a measured move to a very strong support line at 1.123T. I do not believe we will get all the way down to this support line but this is a huge area to be watching for the sake of the long term trend. If we end up getting down to these levels things could start getting really interesting. For example, if we broke below 1.123T I would find it hard to have any bit of a bullish stance. On the other hand, forming a Double Bottom at 1.187T or making a higher low above it, I would find this very bullish and a great potential entry point. The bottom line is that One Trillion Dollars of total market cap is nothing and if we break that physiological barrier it's hard to predict the outcome. Watch the next couple daily candles here, a lot rides on where they close.
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.
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.