I am hearing so many people shouting about "This is it, we are on the way"
It may turn out to be right BUT for me, It seems people are looking at the smaller Time Frames only.
Sure, the main chart here is a 4 hour chart, has been climbing from around 76K ( Told you we would go there )
Looks Lovely and Bullish, though a return to 80K is very possible on the lower trend line
Lets Look at the Daily.
https://www.tradingview.com/x/KrLHfMnb/
And there it is, Even though on a shorter Time Frame, we seem to be climbing, and we are, it is in fact, all with in a DESCENDING channel
But do not worry, a Bullish sign is that PA does appear to have broken over that Upper trend line of resistance.
We need to wait , probably till next week, to see if this remains Bullish or not.
It is Wise to take note of that Fib Circle that we are coming to in the next couple of weeks. If we get trough, we will hit resistance increasingly from 91K
And so now the weekly - this is a different chart to the Daily
https://www.tradingview.com/x/zl2ZzUxh/
The Bigger picture ALWAYS tells us the reality of the situation. and that is simply that PA is currently on a line of strong Local support (dashed line )
Should this fail, we have strong support below, all the way to 70K.
Be fully aware, this COULD FAIL. We are Mid channel, MACD is still falling Bearish and at current rate of descent, will arrive at Neutral near end of April
https://www.tradingview.com/x/VGBGNRTA/
The Bullish note is we are still above the 2.272 Fib extension. Sentiment is rising, Selling is Slowing
So in conclusion, we are in a Good place.
PA is becoming stronger and we have support below and PA has remained in "channel" for 3 weeks.
That is NOT Bearish
But we are also NOT in a Bull Run yet.
But, for me, I think we are certainly getting ready/.
As I have said, April may see Volatility, March looks like it may Close GREEN but htis has a week to go yet...
Bullish Caution is what I say - And so expect anther Drop out of this rising channel.
It would present excellent Buying opportunity and reset MACD quicker.
Aere we en-route to the New ATH ? We are getting Near but I still say the stronger probability for The CYCLE TOP ATH that is Early Q4
It may turn out to be right BUT for me, It seems people are looking at the smaller Time Frames only.
Sure, the main chart here is a 4 hour chart, has been climbing from around 76K ( Told you we would go there )
Looks Lovely and Bullish, though a return to 80K is very possible on the lower trend line
Lets Look at the Daily.
https://www.tradingview.com/x/KrLHfMnb/
And there it is, Even though on a shorter Time Frame, we seem to be climbing, and we are, it is in fact, all with in a DESCENDING channel
But do not worry, a Bullish sign is that PA does appear to have broken over that Upper trend line of resistance.
We need to wait , probably till next week, to see if this remains Bullish or not.
It is Wise to take note of that Fib Circle that we are coming to in the next couple of weeks. If we get trough, we will hit resistance increasingly from 91K
And so now the weekly - this is a different chart to the Daily
https://www.tradingview.com/x/zl2ZzUxh/
The Bigger picture ALWAYS tells us the reality of the situation. and that is simply that PA is currently on a line of strong Local support (dashed line )
Should this fail, we have strong support below, all the way to 70K.
Be fully aware, this COULD FAIL. We are Mid channel, MACD is still falling Bearish and at current rate of descent, will arrive at Neutral near end of April
https://www.tradingview.com/x/VGBGNRTA/
The Bullish note is we are still above the 2.272 Fib extension. Sentiment is rising, Selling is Slowing
So in conclusion, we are in a Good place.
PA is becoming stronger and we have support below and PA has remained in "channel" for 3 weeks.
That is NOT Bearish
But we are also NOT in a Bull Run yet.
But, for me, I think we are certainly getting ready/.
As I have said, April may see Volatility, March looks like it may Close GREEN but htis has a week to go yet...
Bullish Caution is what I say - And so expect anther Drop out of this rising channel.
It would present excellent Buying opportunity and reset MACD quicker.
Aere we en-route to the New ATH ? We are getting Near but I still say the stronger probability for The CYCLE TOP ATH that is Early Q4
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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.
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.