Long term trend line goes back to 2009. I expect a little consolidation between 4000-4300 area. I expect the long term up trend (14 years+) to continue and the 50MA will bounce off of the 200MA.
We need to keep a very close eye on this specific area which I circled. The 50MA is approaching the 200MA and potentially setting up for a "Death Cross". This has not happened in over a decade (between the 50/200 MA). I am neutral here and will need to wait for confirmation before I can continue long.
We start our fibonacci retracement from the start of Covid in March 2020. The 50 MA maintained above the 500 MA until roughly a year ago in February 2022, where it confirmed a "Death Cross". This was leading right into the 2 year anniversary of Covid and the start of an aggressive series of Fed rate hikes. A year later, we have hit rock bottom and hopefully many...
If we go back to 2016-2017 and create the average trend line leading to present time (light blue line), you will see that the 100D MA has bounced off support and now making way to potentially forming a "golden cross" with the 500D MA. Obviously, we could see consolidation between the $20K and $30K range for quite some time, but in the long term we are still...
