Breakdown is anything south of 273.89
Question is what saves it - historically 14SMA on weekly has captured it but this has broken down in May 2021. Instead the 30SMA on weekly have been the saver so that would be the clincher.
If I was a shorting man - 273.89 is the trigger- then down to 14SMA at 279.57, then 269.72 as next resistance and then finally 30SMA at...
200 SMA Weekly at 1.31511 - this will get cut through in fairly short order
Next leg down is 1.27801 - a realistic target for the week starting 6th December. Could get Christmas at 1.25000 before some sort of relief bounce
Less likely are below
Anything past 1.20 and we are at Brexit Levels - I would expect a major political mis-step / government Prime Minister...
Much as I want to see this one go back up - next drop is to the 40 mark.
If exhaustion could bounce up but need to see Monday's action on this to confirm
Simple enough to me - 470.89 to get the party to continue and a close below 465 marks the end of it. Earnings season has disappointed so for the bears to take.
APPL on weekly seems like a good read
Bottom of the Channel broadly mirrors the 200SMA on the Daily
I see drop to Weekly 9EMA 151.86, then Weekly 30SMA 142.87
Channel is 139 is on the weekly which is a little extreme but could happen if there is a supply issue headline out of Asia leading to subdued Christmas results
So let's see - what are my targets?
-If we open up high then the drift down needs to go past 389.50
-I have 30SMA at 388.92 but I expect a blow past this
-384 would erase all gains for the month
-I see 381 as a viable resting place
- Not seeing 200SMA being hit
My 1st real attempt on Targets - so I will be curious to see how this goes - I did not put targets last time
- Tapped 9EMA on Weekly but bounced so could be worth a further review
- 453.71 then 448 then 435
- Not seeing 200SMA being tapped - it is a new variant not Apocalypse Now
- MACD in Reversal
435 would be possible but perhaps overtly bearish - might get...
Currently in the Chop zone and likely to continue
300 for the bears to take over, 310 for Bulls to take over. Bias is to the downside with supply issues clogging up the system
I had 1.37 as my short-term floor - which broke some time ago
Question is: Is the break 1.36681 OR 1.34.
30 weekly MA is a big blocker for upward lift unless we get some major good news. Most COVID good news feels baked in at the moment.
If the next week closes up I might be more bull - but I see sideways action for the most part for this week.
After a week of action, we are in the zig-zag zone - GBP44k for the Bears, and GBP 46k for the Bulls. I see a lot of chop-chop action ahead. Could be a good buying point for longer-term HODLers. New BTC news is unlikely for a while - but this is crypto so you never know
