Take a look at the daily cloud.
It has been giving strong sell signals since 13k.
Right now base line of the cloud is flat at 7.1k. This means strong ressistance.
What is worse is top of the cloud is also flat at 7.8. Flatter than it has ever been since 20k.
(Flatter the cloud stronger the resistance is)
Not only we haven't managed to break above the cloud once. We coulden't even spend decent time in it due to selling pressure.
What makes anyone think we can break above it now?
This idea will be invalidated if we manage to make a daily close above 8k. Only then I will become bullish.
It has been giving strong sell signals since 13k.
Right now base line of the cloud is flat at 7.1k. This means strong ressistance.
What is worse is top of the cloud is also flat at 7.8. Flatter than it has ever been since 20k.
(Flatter the cloud stronger the resistance is)
Not only we haven't managed to break above the cloud once. We coulden't even spend decent time in it due to selling pressure.
What makes anyone think we can break above it now?
This idea will be invalidated if we manage to make a daily close above 8k. Only then I will become bullish.
Comment:
Look how beautifully it worked