I am attaching my previous analysis, since this is just for educational purposes, not financial advise. However I like to admit when something isn´t developing the way I saw
The support on $9,780 was broken after more than 6 times of being tested, proving one more time that old technical analysis prevail. One support (or resistance) touched several times, is more likely to be broken, I know some more variables apply but this basic principle is important.
In the other hand, bullish harmonic patterns have been invalidated, that´s an indicator for the trend, that it is not going to continue or change from bearish. Even for bearish patterns, the C-D leg has been absent so, there is no intention for the price to go up
Last but not least, my RSI EMA cross on oscillators, is showing 2 things, bears are in control since the RSI is below 50 midpoint, and EMAs crossed bearish sin may the 29th, I was trying to be a bit optimistic because of the pennant but that cross, was some kind of a coffin nail for this bullish trend we were trending. The green EMA has have serious problems to keep above the red one.
If that huge Bullish Bat Pattern continue its develop, we are going to reach 4.4k-4.5k, not sure about accumulation below this level. Maybe a new (or the last) opportunity to buy at this prices.
tradingview.com/chart/uuaCs5PU/
The support on $9,780 was broken after more than 6 times of being tested, proving one more time that old technical analysis prevail. One support (or resistance) touched several times, is more likely to be broken, I know some more variables apply but this basic principle is important.
In the other hand, bullish harmonic patterns have been invalidated, that´s an indicator for the trend, that it is not going to continue or change from bearish. Even for bearish patterns, the C-D leg has been absent so, there is no intention for the price to go up
Last but not least, my RSI EMA cross on oscillators, is showing 2 things, bears are in control since the RSI is below 50 midpoint, and EMAs crossed bearish sin may the 29th, I was trying to be a bit optimistic because of the pennant but that cross, was some kind of a coffin nail for this bullish trend we were trending. The green EMA has have serious problems to keep above the red one.
If that huge Bullish Bat Pattern continue its develop, we are going to reach 4.4k-4.5k, not sure about accumulation below this level. Maybe a new (or the last) opportunity to buy at this prices.
tradingview.com/chart/uuaCs5PU/
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.