What's up wolves??
We could go up and test resistance or go down and test support and either would be healthy in my opinion. I see a few formations, not sure yet what is going to play out. There is a smaller head and shoulders and we are testing it's neckline now. A break down could see us test the neckline of the larger head and shoulders pattern that I see still developing. I would not be worried about a major correction unless we broke the neckline of the larger head and shoulders formation. The cup and handle that formed seems to have run out of steam. I think we will continue to consolidate into this larger pennant structure and when we break it I expect a big move. My whiskers are telling me that a break up in the short term could lead to blue skies.
On the daily I am feeling bullish. If this is a bullish pennant then the target for a break up would be close to $62,000.
Join my pack and follow me! Owhoooooooo!
We could go up and test resistance or go down and test support and either would be healthy in my opinion. I see a few formations, not sure yet what is going to play out. There is a smaller head and shoulders and we are testing it's neckline now. A break down could see us test the neckline of the larger head and shoulders pattern that I see still developing. I would not be worried about a major correction unless we broke the neckline of the larger head and shoulders formation. The cup and handle that formed seems to have run out of steam. I think we will continue to consolidate into this larger pennant structure and when we break it I expect a big move. My whiskers are telling me that a break up in the short term could lead to blue skies.
On the daily I am feeling bullish. If this is a bullish pennant then the target for a break up would be close to $62,000.
Join my pack and follow me! Owhoooooooo!
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