Hi fellow enthusiasts,
As usual there are currently mixed signals looking at the chart patterns and commonly used indicators.
Things I am currently taking into account:
1) EMA100 on the 4hr chart has been very reactive the past couple of months. On the occasions we crossed it we saw trend reversals.
At this moment the line is just above price.
2) We see a clear ascending triangle which should be a bullish sign
3) There is a lot of resistance above us (horizontal red dotted lines and bottom of big triangle), but not much obvious support below.
My conclusion on the above:
* It is more likely we are breaking out of the triangle downwards. Possible target then could be around 5,5k
* IF bulls manage to break the EMA100 we are likely to see an acceleration upwards, maybe even to the 7700-7800 area though for that the bottom of the big triangle is still an obstacle.
Translated into trading set-up I am currently looking to short 6900 area with a stop above EMA100.
Happy trading,
CJ
Disclaimer: I am not an expert at all, which means two things. First: feel free to let me know why you don't agree, I am always interested in learning.
Second: please don't put too much trust in the above as actual trading advice.
As usual there are currently mixed signals looking at the chart patterns and commonly used indicators.
Things I am currently taking into account:
1) EMA100 on the 4hr chart has been very reactive the past couple of months. On the occasions we crossed it we saw trend reversals.
At this moment the line is just above price.
2) We see a clear ascending triangle which should be a bullish sign
3) There is a lot of resistance above us (horizontal red dotted lines and bottom of big triangle), but not much obvious support below.
My conclusion on the above:
* It is more likely we are breaking out of the triangle downwards. Possible target then could be around 5,5k
* IF bulls manage to break the EMA100 we are likely to see an acceleration upwards, maybe even to the 7700-7800 area though for that the bottom of the big triangle is still an obstacle.
Translated into trading set-up I am currently looking to short 6900 area with a stop above EMA100.
Happy trading,
CJ
Disclaimer: I am not an expert at all, which means two things. First: feel free to let me know why you don't agree, I am always interested in learning.
Second: please don't put too much trust in the above as actual trading advice.