It looks like we are starting the week here after a nice closing weekly candle yesterday but with a $300 drop confirming the top of the bearish trend towards $5800.
I'm personally going to play it safe and avoid taking more long positions outside of harvesting some short term 1-2 day swings and panic sell offs.
We are experiencing a trade range above the 6900 support and yet still tracking around the trend line resistance that has performed for years as a lower bound of the channel of growth.
We should see confirmation within 3d and 4h if we maintain a sideways price movement if we close well above 7137-7200 and anytime before that is a positive sign of reversal....
We are currently testing a few supports.
First is the support set by the trend of growth on average for the past 12-14 months. This support is around 6900-6950.
Second is the support set by the trend from a pre-December run up, followed by the bounce off this 5900 price all the way back up to 12,500 which brings us to where we are now.
I'm currently...
