My chart is busy, but I've had many of these support and resistance levels in place for some time. They have confirmed and reconfirmed themselves time & again. That goes for they key diagonals as well. I'll elaborate...
<history>The fib that we defined during the 2019 bull run certainly contributed to the current reversal we experienced at ~7373, but there were other factors that contributed to significant trading just below that during the holiday season. Simply, it was a convergence of a lot of key support & resistance levels as many of you no doubt noticed.
The often cited 14k top on 26 June of 2019, as well as two highs set in July and all throughout September laid out a framework for diagonal resistance that intersected with the diagonal support set back in February & March. This triangle was confirmed shortly before the breakout when trading lows hit ~6530 in late November.
These diagonal S&R lines played a crucial part in confirming the active fib of 2019 & vice versa IMHO.<history/>
That only goes towards explaining how we got here. I mean, anybody could have written that just now but check out my twitter and you'll see I've always had those diagonals drawn from early on. The pertinent matter and the reason you're here is, what happens now?!
Obvi, IDFK! But I will say that we have stalled here because of the major resistance at ~9200 and the 0.618 fib @ 9853. It's gonna take some real energy to get us up beyond that but.... There is that other diagonal way up there. Where did it come from?! There is more here. So much more my friends. But in the words of Kevin Flynn, "That'll have to wait till next time".
I'll part on this note. We shouldn't forget about the fib set in 2017. And if you draw resistance from the 20k top of 2017 and the 14k top of 2019... Well look at that. Furthermore, draw long term support going back to the beginning! Interesting things abound for the future. People are expecting this 100k moon soon. But I say stabilization abound for a couple year at least. Ya'll stay on it. I'm gonna go zen out for a bit.
<history>The fib that we defined during the 2019 bull run certainly contributed to the current reversal we experienced at ~7373, but there were other factors that contributed to significant trading just below that during the holiday season. Simply, it was a convergence of a lot of key support & resistance levels as many of you no doubt noticed.
The often cited 14k top on 26 June of 2019, as well as two highs set in July and all throughout September laid out a framework for diagonal resistance that intersected with the diagonal support set back in February & March. This triangle was confirmed shortly before the breakout when trading lows hit ~6530 in late November.
These diagonal S&R lines played a crucial part in confirming the active fib of 2019 & vice versa IMHO.<history/>
That only goes towards explaining how we got here. I mean, anybody could have written that just now but check out my twitter and you'll see I've always had those diagonals drawn from early on. The pertinent matter and the reason you're here is, what happens now?!
Obvi, IDFK! But I will say that we have stalled here because of the major resistance at ~9200 and the 0.618 fib @ 9853. It's gonna take some real energy to get us up beyond that but.... There is that other diagonal way up there. Where did it come from?! There is more here. So much more my friends. But in the words of Kevin Flynn, "That'll have to wait till next time".
I'll part on this note. We shouldn't forget about the fib set in 2017. And if you draw resistance from the 20k top of 2017 and the 14k top of 2019... Well look at that. Furthermore, draw long term support going back to the beginning! Interesting things abound for the future. People are expecting this 100k moon soon. But I say stabilization abound for a couple year at least. Ya'll stay on it. I'm gonna go zen out for a bit.