Something has to give soon here. We have been watching the weekly and daily charts for a while. Weekly I've had at $10,540 from our prior high back in late October and bulls gave us essentially a double top reaching $10,522 on Thursday. We are now seeing yet another pullback but yet another daily EMA hold. Remember bulls have not lost the EMA support on our daily chart since 1/2/20. Its been quite a nice run and as stated before, until daily EMA was lost, the weekly was not in consolidation mode in my opinion. IF daily does lose EMA support here today or tomorrow as this does appear it may occur, weekly can now begin to pull back and seek its higher low compared to $6,430. This should be very easy and then bulls would seek to break the double top in mid $10.5's. However, I also wanted to draw some attention to this daily chart for a potential very nice cup and handle formation. This would still potentially allow bulls to lose daily EMA support briefly or even this entire week to complete a handle and then seek continuation. Either way, perfectly healthy for bulls to lose some momentum and support here and then seek to break this difficult 10.5k area that we have been stuck under for months now. So currently am keeping an eye on EMA support on daily, potential cup and handle on daily and bigger picture of weekly chart to seek a higher low before attempting continuation.
Just My 2 Sats!
Just My 2 Sats!
