Building off of 2019 chart. Bouncing off of the 30 day MA on weekly and monthly. Multi-year bottom in. Lets see if we can catch it before it moves up.
Note
Getting rejected at the 0.382 so far when trying to break above. That bull flag should catch a lot of people on the wrong side of the trade followed by a big selloff. Note
The monthly candle has some nice confluence with its fib level of 0.382 as well for retracement. Right above where the last months candle opened and above where this months candle opened + a trendline only using the body of the candles shows suppoer here. Looks like the safest entry for a leveraged position.Note
Looks like a double top is forming from a false breakout from the bull flagNote
Rejected at the 1.172 and retracing to retest the trendline. Overcorrection should happen since there are so many people on this trade and stop losses are going to be triggered below these 2 support lines. Should see a sharp recovery if price comes down to these levels. It may take a while, but price will come back here for long time buying opportunityNote
This pattern is complete. Lets see if we can get some overextension to get some buy orders triggered
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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.