Let's not get too excited. This recent move up is by no means an established trend...BUT we have a positive MACD for the first time in forever, volume is increasing, and trendlines are being tested. If this is the real deal, we will likely bounce off of a number of resistance and support levels before smashing upwards. These peaks and dips would provide longer-term traders the chance to sell and rebuy more multiple times on the way up.
The 4,000 psycological barrier is the first obstacle in the way, followed by the convergence of the 50-week EMA and downward trendline resistance above that.
Gaming things out this far in advance is by no means a prediction. This whole thing could become invalid is we reject hard off of 4000 and retest yearly lows.
The 4,000 psycological barrier is the first obstacle in the way, followed by the convergence of the 50-week EMA and downward trendline resistance above that.
Gaming things out this far in advance is by no means a prediction. This whole thing could become invalid is we reject hard off of 4000 and retest yearly lows.
Comment:
Even after Sunday's dump, the weekly is still green and we are looking to stair step up. Let's see if price can stay above 4200ish. We haven't yet dumped to yearly lows, so the setup is still cautiously bullish.