Bulls Must Defend The $10,350 For An Immediate Trend Reversal
Updated
When the Bulls are able to defend the $10,350 (Support Line #1) the trend will reverse and price will continue to go up.
Bullish signs:
1. A falling wedge (Orange Lines Converging)
2. Bullish Divergence on RSI
If the Bears are able to pull the price down past $9,750 (Support Line #2), they will devour the bulls in their path.
The Bull's last line of defense would be Support Line #3 at the 9K level.
If the Bulls are able to break out upwards from the huge pennant shaped corral, here's how this story might go:
Always place your stops at the appropriate levels.
Happy Trading Everyone!
Ron
Bullish signs:
1. A falling wedge (Orange Lines Converging)
2. Bullish Divergence on RSI
If the Bears are able to pull the price down past $9,750 (Support Line #2), they will devour the bulls in their path.
The Bull's last line of defense would be Support Line #3 at the 9K level.
If the Bulls are able to break out upwards from the huge pennant shaped corral, here's how this story might go:
Always place your stops at the appropriate levels.
Happy Trading Everyone!
Ron
Note
A bounce off of $10,350 and now moving towards the Resistance Line #1 Note
First Resistance Line turned to Support LineNote
Price now struggling to get above the Yellow Support Line (Support Line #2).Price is still ranging now but has the potential to launch from this level. Accumulation phase is almost complete. Bullish signals are firing now.
Warning! Never dismiss the possibility of a break to the downside.
Warning! Watch out for the FU move.
Best strategy for any scenario:
1. Place a trailing stop loss.
2. Never trade before the breakout!
Happy Trading Everyone.
Ron
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