Can Bulls Get Momentum to Push us Through NO MAN'S LAND?
Updated
This analysis is neutral because right now we only have the POSSIBILITY that this ascending triangle will complete it's formation. Even when it does, further indicators and price action will need to be assessed to see if the bulls have enough momentum to break right through NO MAN's LAND>
Note
TEXT FROM ALL THE BOXES:We have the POTENTIAL formation of an ascending triangle with two touches on each side. Things could get interesting if we :
A) Reach horizontal resistance at the 4200 region or close to it
B) Resist from that region and come back down to test the blue ascending diagonal trend line
C) Find support and start moving up.
VPVR confirms the big cluster of volume in the current ascending triangle range but more importantly shows the lack of volume in NO MAN's LAND, between 4200 and 5650 -
This combined with the lack of resistance which the bears created on the rapid move down from 6k to 3k creates an interesting situation.
IF bulls get enough momentum, breaking the 4200 region with volume, they would face little resistance until the 5650 zone.
If we cross the 4200 region within the next few weeks, it would have us breaking the 21 EMA (ORANGE LINE) which would make the next potential EMA resistance the 55 EMA (YELLOW LINE) which happens to be right at the top of NO MAN's LAND, further confirming this void zone and the resistance level up at the 5.5k- to 6k region.
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