Looks like that Pennant and Flat Top Triangle are both targeting the same level... now it just needs to break.
That said, the pennant did already trigger a long.
No triggers yet, but with all the fear and uncertainty in the market around exactly what the impact of the coronavirus will be, we are looking at how Gold reacts and potentially at longs in gold stocks. GFI looks interesting, but we will only become buyers if the highs from Friday are taken out (daily close above).
It's a bit of a complex story, 'ol Kumba... but our thinking is that we want to watch the way the stock behaves around this longer-term support level / trend line. We think that there could be a nice weekly time-frame trade setting up here. For now though, we are just watching.
We think we've missed this trade already, but if there is a chance for a backtest of this break lower, it could be a good trade. For now though, we're not chasing.
That $8900 level that BTC needs to hold above is starting to look a whole lot like significant resistance... plus we signs of waning momentum. Starting to feel like a short off this level. Will watch break of orange range as potential trigger.
