See what I did there? Heyo!
Notice the proportion of candles spent trying to break the trend line early on in February. Now look at the past week, hardly any candles there and they got rejected by Thor's hammer like it was a bolt of lightning. Unless we suddenly break out today with a wild swing of momentum from US markets, which I think could go either way short term, eventually we are headed down for more bearish action. On one hand, the chart has bounced from the current level of 3400 in the past couple months, however on the other hand it failed to make higher highs, hence we are testing this line for resistance now rather than support. This is overall bearish for the market and will spill over.
Good luck and hedge your bets!
Notice the proportion of candles spent trying to break the trend line early on in February. Now look at the past week, hardly any candles there and they got rejected by Thor's hammer like it was a bolt of lightning. Unless we suddenly break out today with a wild swing of momentum from US markets, which I think could go either way short term, eventually we are headed down for more bearish action. On one hand, the chart has bounced from the current level of 3400 in the past couple months, however on the other hand it failed to make higher highs, hence we are testing this line for resistance now rather than support. This is overall bearish for the market and will spill over.
Good luck and hedge your bets!
Comment:
Comment:
Given the longer term view, it looks like a retest of 3450 is in order. Similar to what Bitcoin and others did. But, be careful. The market loves to feed on the impatient and complacent. Don't be either of those two things.