Another dip off yesterday's candle to send us back below 2600 and yet again prevent a breakout attempt to long-term trendline (solid purple).
Extending both the short-term triangular resistance and long-term low (solid red) trendlines displays current price consolidation zone.
Don't be surprised if we continue to drop to next critical support at 2500 (or ~2450 low); I know I'm keen on intersections but I do believe this would be the point of contact (arrow). The additional correction could also set us up for a double-bottom recovery (last chance possibly?).
Failing to hold 2500, or prior low, would be a signal of further sellout to come imo with next critical around 2400-2350.
Extending both the short-term triangular resistance and long-term low (solid red) trendlines displays current price consolidation zone.
Don't be surprised if we continue to drop to next critical support at 2500 (or ~2450 low); I know I'm keen on intersections but I do believe this would be the point of contact (arrow). The additional correction could also set us up for a double-bottom recovery (last chance possibly?).
Failing to hold 2500, or prior low, would be a signal of further sellout to come imo with next critical around 2400-2350.
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.
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.