The price bounces for the fourth time on the support indicated by the blue trendline.
The chart is open to different interpretations because at the top we have a possible double top with the blue line, but at the bottom, we have strong support that continues to hold.
Personally, I have seen this tech selloff as an opportunity to accumulate. I think the panic created was meant to make small investors sell, increasing the shares available on the market in anticipation of the next bullish cycle.
For greater security, wait for confirmation from the breakout of the red trendline, indicating the start of the upward trend.
Of course, a break of the blue support means the start of a strong decline.
The chart is open to different interpretations because at the top we have a possible double top with the blue line, but at the bottom, we have strong support that continues to hold.
Personally, I have seen this tech selloff as an opportunity to accumulate. I think the panic created was meant to make small investors sell, increasing the shares available on the market in anticipation of the next bullish cycle.
For greater security, wait for confirmation from the breakout of the red trendline, indicating the start of the upward trend.
Of course, a break of the blue support means the start of a strong decline.
Note
I think price will probably go down to the red rectangle
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.
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.