$4000 Support now?
Updated
$4000 has been previous resistance.
Together with the 20EMA and previous resistance and the Fib retracement after this little climb, this is our current support to hold or break on the 4hr chart.
I'd like to see a drop to $3950, the bottom of the ascending wedge and see where we go from there. We are more than half way through this wedge. That could mean a further drop.
Together with the 20EMA and previous resistance and the Fib retracement after this little climb, this is our current support to hold or break on the 4hr chart.
I'd like to see a drop to $3950, the bottom of the ascending wedge and see where we go from there. We are more than half way through this wedge. That could mean a further drop.
Trade closed: target reached
After we hit the target, I think there is a little bear flag forming after which we are due to touching the bottom of the larger (blue) ascending wedge before we can get another shot at the $4100 area. From there on, we could continue sideways in the big picture range until ~July to see any possible moving higher.
I have a little long trade in hope of reaching $3980 for a little profit.
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