We are at a 5000-5700 resistance level. This coincides with Weelky 50 MA (yellow) and the top band of Weekly 21 period BB with standard deviation 3.2. Also weekly RSI just closed at 60. I believe this is a first sign of the upcoming bullrun, but looking back at the previous prica action at these conditions I think we need to retest the Weekly 200 MA (green) one more time. Be advised, it could still pump to 5700. I would not short here, but rather buy the next big dip. If you are leveraged long though, this is a good place to take some profit. Have a good one.
Comment
We are finding resistance at the Weekly 50, I believe this is the point where we turn around, but a weekly close above would imply continuation upwards. I'm hedged 1x here.
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.