Tesla will be going to the barber shop very soon! Long term puts at $350
Top or close to it. RSI divergence very strong here.
Descending traingle/ H&S..... Bulls praying for $50 but probably won't get there as it got rejected at the .618 retracement at $55. From my experience once that rejection happens it just makes lower lows.
Rising wedge although would be nice to see some bearish RSI divergence here that's the only thing missing.
Macro is entirely bearish as the main support has failed. Bulls have one more support level they can use but it's a minor one in comparison. I expect that one to fail say in Oct/Nov 2021. I'm just basically loading $20-25 puts expiring in spring 2022.
They have some things planned that are nasty for crypto. Proceed with caution.
Monthly bearish RSI divergence.....If upwards sloping RSI support doesn't hold it opens the door to interesting downside targets.
I'm inviting explanations of how we have this turd of a chart and a bearish DXY.
Looking for the tip of the distribution pattern. Between June 2022 and June 2023
Get out while you can. Descending triangle is just waiting for the RSI to get crushed by that resistance line. So much HOPIUM in this stock it's absolutely ridiculous. Reason it hasn't broken down yet is instituitions need TIME to unload their bags onto retail and need to FEED retail that HOPIUM. Once they have finished UNLOADING THEIR BAGS onto YOU.......it's...
Break below the black line and say goodbye to this overvalued stock.
Will be tough to break through for the bulls here.
Fib resistance will be strong here. Good luck bulls.