Updated

Bull Run is taking a breather price action @ 200EMA resistance

The bulls need a breather after that exciting run and have been stopped at least temporsrily in their tracks when the 200 EMA(in orange) closed the gate on them....Now that the bulls have had a taste, their hunger is probably running wild and they may very well be able to burst through the 200EMA gate and just above it the 200 SMA wall as well when they retest it...won't be easy but I'd say after maybe a minor retrace they could very easily regain a second wind...therefore my advice is to not make any major moves at this time.... but if you're able buy the dips to the support line. If now that the price has both closed yesterday's candle at the 200day EMA and bounced down off of that same 200 day EMA(once again in orange) to start the new candle I'd say the odds are very likely that it could act as temporary resistance as the bulls take a breather. Buy the dips once we figure out where solid support is. (Most likely the T line(in yellow) This is only what I would do anyways, not financial advice of course...you do you and best of fortunes to you in all your trading.

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I plan on laddering in on my dips...so I will buy a small portion when it reaches the yellow Tline, and wait to see support to buy more...if it continues further than the tline I will next look for the nearest EMA which will be the 20(not posted here) as well as any fibonacci lines along the way down as well. I have a feeling it will stay above the t l-iine though. We shall see.

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Lastly the psychological resistance of 10,000 can not be underplayed...the market with a lot of new people recently in it could decide that 10,000 is the real support line for now and it may only wick a few times below it...I say t line(in yellow) is most liekly though for support

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lastly if the orange EMA line holds up as resistance it won't surprise me because the yellow fib line is reinforcing that resistance

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Also, I should clarify...I've mostly done my analysis on the 1 day chart...but since the inverted head and shoulder pattern appeared most clearly on the 4 hour chart all this analysis was done on the 4 hour chart...so the 200MA and EMA are each represent 200 periods of 4 hours each not 300 days.

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The Pink 200 Simple Moving average for the four day chart has now converged with the yellow fib line and the orange 200EMA line for a reinforced triple resistance line. It seems to be holding the bulls stampede at bay for the time being. The tline is doing it's damnedest to hold up support.

DrDovetail

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DrDovetail