On lower time scales pull backs are likley, but the weekly shows a lot of strength, and the monthly is turning around. We are only a few k from breaking the down trend resistance line coming from the ath and flipping it to support.
Expect pull backs short term, something like 39400 or as low as 36k are not out of the question. We haven't had a real strong correction yet and we are bound to have a red day or 3 soon. August might be red early on, but it won't end red. 56k by end of august unless things go south in a drastic way. From there, it's likley to find a new ath. The power is trending bullish more and more, but don't get overconfident and take out a huge leveraged long. Wait for the trend to play out a bit more if you really feel the need to do that sort of thing.
Expect pull backs short term, something like 39400 or as low as 36k are not out of the question. We haven't had a real strong correction yet and we are bound to have a red day or 3 soon. August might be red early on, but it won't end red. 56k by end of august unless things go south in a drastic way. From there, it's likley to find a new ath. The power is trending bullish more and more, but don't get overconfident and take out a huge leveraged long. Wait for the trend to play out a bit more if you really feel the need to do that sort of thing.
Comment:
There's that correction. Pretty much called it spot on too.It could go on like this for a minute before we reverse and go back up. Don't get faked out
Comment:
We hit 44k earlier today. we are getting closer and closer to the point where bears should just go hibernate.
Watch out for pullbacks in the near term, bullish generally.
Watch out for pullbacks in the near term, bullish generally.