Indicators show multiple divergences with bias. Also a pattern with inversion tendencies has developed.
We are now sitting at the bottom of the forming the and showing signs of topping.
Fundamentals, however, show a different story, with , Cboe and Nasdaq starting trading in the following weeks.
This has the potential to keep pushing the price to new ATH with a projection to 12,700 as per my previous analysis.
Looking just at the technicals we have major probabilities to see a dowward correction of around 30% where we find strong support at previous levels of 8350 dollars
Since the start of the formation:
- is showing divergence
- is showing an oversold condition leading us a to a slight push upwards before a breakout
- has a divergence
- showing a divergence and bounce from the upper channel downwards
- has a quite clear divergence
Targets are as follows:
TP1 at 9,500 dollars around -18%
TP2 at 8,350 dollars around -27%
Stops can be placed just over ATH just beyond 12,000 (according to your risk management and appetite) as it invalidates the pattern and a continuation to 12,700 will be likely.
This is the turning point. Keep a good eye on it for the direction.