200EMA (which has been already faked out 3 times) as resistance.
Resistance of long term trend-line.
Resistance of rising wedge (Continuation pattern - bearish in a bearish market).
55EMA of volume: dropping volume with increasing price. (Difficult to see on published graph)
Stochastic: Maxed out on 1 day chart.
How I see it: Correction is due based on stochastic alone. This lines up with failed break @ multiple resistances, and the downward breakout of a rising wedge. This leads to mass sell off as the patterns are validated.
Target: $6000, then reassess market.
Resistance of long term trend-line.
Resistance of rising wedge (Continuation pattern - bearish in a bearish market).
55EMA of volume: dropping volume with increasing price. (Difficult to see on published graph)
Stochastic: Maxed out on 1 day chart.
How I see it: Correction is due based on stochastic alone. This lines up with failed break @ multiple resistances, and the downward breakout of a rising wedge. This leads to mass sell off as the patterns are validated.
Target: $6000, then reassess market.