Long term resistance trendline hit. What next?
We hit EXACTLY on the long term resistance trendline and now what? I'm not fond of trading Cryptos and therefore I have zero interest if the prices goes up or goes down.
Being said that I will just share my view strictly from a technical point of view. Many weeks ago I commented about the possibility of a Head and Shoulder pattern developpement and at some point it was looking like it was following the pattern since it bounced back strongly and, apparently, rejected my idea. We have hit a new high since mid May and therefore we could think that price could continue rising.
On the other hand we have most of the volume concentrated in this range of 30 to 42k.
Current candle and previous one invite me to consider a reversal as well and together with the aforementioned resistance trendline from the All time high we could resume falling and hit the target longly awaited target for bears.
But of course, if bulls can close above the trendline with a new high it will be a complete different story that could send prices over 80k.
The money is yours, so it is the decision: Correction to 17k? or let's spice things up to 80k+?
All the best whatever you decide.
(I'm inclined 65% to a correction vs 35% of a new ATH)
Being said that I will just share my view strictly from a technical point of view. Many weeks ago I commented about the possibility of a Head and Shoulder pattern developpement and at some point it was looking like it was following the pattern since it bounced back strongly and, apparently, rejected my idea. We have hit a new high since mid May and therefore we could think that price could continue rising.
On the other hand we have most of the volume concentrated in this range of 30 to 42k.
Current candle and previous one invite me to consider a reversal as well and together with the aforementioned resistance trendline from the All time high we could resume falling and hit the target longly awaited target for bears.
But of course, if bulls can close above the trendline with a new high it will be a complete different story that could send prices over 80k.
The money is yours, so it is the decision: Correction to 17k? or let's spice things up to 80k+?
All the best whatever you decide.
(I'm inclined 65% to a correction vs 35% of a new ATH)
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.