Cash Out & Enjoy the Trip
The Market went through the $4165-$4200 resistance, as described in my previous analysis.
We are still in a bear market, however, the short-term directionality is bullish. The price will probably try to break the $4400-$4500 level.
The last four weeks have been incredibly strong. Money Flow Index (MFI) in overbought & Rising Wedge Formation.
From my point of view, this is a bull trap formation. It can use the momentum to get to the $4500, which I see unlikely, but not impossible. I used the last weeks to sell and get more liquidity. Now I am just watching the price action.
My Scenario:
From 15/08/2022 to 01/09/2022 -> Upside to $4200-$4300.
From 01/09/2022 to 31/12/2022 -> Continuation of the bear market / Target: $2,800-$3,500 in 12-18 months.
We are still in a bear market, however, the short-term directionality is bullish. The price will probably try to break the $4400-$4500 level.
The last four weeks have been incredibly strong. Money Flow Index (MFI) in overbought & Rising Wedge Formation.
From my point of view, this is a bull trap formation. It can use the momentum to get to the $4500, which I see unlikely, but not impossible. I used the last weeks to sell and get more liquidity. Now I am just watching the price action.
My Scenario:
From 15/08/2022 to 01/09/2022 -> Upside to $4200-$4300.
From 01/09/2022 to 31/12/2022 -> Continuation of the bear market / Target: $2,800-$3,500 in 12-18 months.
Related publications
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.