We've had two very large spikes in positive volume recently, someone(s) obviously accumulating at what they believe to be a bottom. After double-bottom around 34,650 we pushed through the first area of resistance and regained an upward channel and just under an upper area of resistance.
The lower upward trendline and area of resistance we pushed through seems like a likely target. Now that volume seems to be cooling off, will we go back to re-test. Seems that investors are still on vacation and volume is not there to kick us significantly higher other than these two very large buying events.
Not financial advice. I will say however that the Camarilla appears to be holding fairly accurate lately. Go check it out.
The lower upward trendline and area of resistance we pushed through seems like a likely target. Now that volume seems to be cooling off, will we go back to re-test. Seems that investors are still on vacation and volume is not there to kick us significantly higher other than these two very large buying events.
Not financial advice. I will say however that the Camarilla appears to be holding fairly accurate lately. Go check it out.
Note
Watching this closely, some very large purchases coming in now that we bumped 40k. Still in a very risky area however. Note
Not so far. We are divided - some say crash, some say moon... Enough room though now to set some stops.Note
OK a late update for this idea...I took profit near the top as we started to roll over and down we go to re-test. The question will be, which trendline will we pick for support, or are we going down further and needing to re-validate the lower support area in green.
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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.