5000 now or later? This chart will give us the answer.

Give or take a few bucks, 5000 is the level we need to break if we want to see a meaningful breakout to the upside.

To be clear, I think this is inevitable and we will break, but will that be TOMORROW or IN TWO MONTHS?

I think this consolidation pattern will give us our first strong clue.

We made an attack at 5000 in the last 24 hours and we were rejected. No surprise there, as that was our first time seeing those levels since the rally to all time highs back in late August / early September. We've made a pretty extended run from 3000 after pulling back, and things feel a bit stretched.

I would like to see some healthy consolidation here, even for a few days, before a breakout. But if we do consolidate here too long without a breakout, then I think we'll see a pullback to 4500 / 4000 level at least, which would predict another few weeks or months without a break of 5000.

So the flag pattern I've drawn here gives us our first clue. If we break to the upside, I think we'll break 5000 quick (then I hope we can hold it). But if we break to the downside, we probably have a few more days of consolidation or even a pullback before the break.

I would love to see a violent pullback, quick and dirty that knocks out a lot of the people who are just getting in for the break. That shakes out the weak hands and then buyers will come in for a new burst without any sellers to be seen. Those quick shake out reversal patterns, where a low is taken out, and then recovered quickly are the strongest signals.

Support me with these referral links:

Sign up to TradingView charts:

Sign up for TastyWorks - The Broker of the Future:

nailed it ty
@BTCwiz, Yup! great execution!
ZH 简体中文
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 繁體中文
AR العربية
HE עברית
首页 股票筛选器 外汇筛选器 加密货币筛选器 财经日历 如何运作 图表功能 网站规则 版主 网站 & 经纪商解决方案 插件 图表库 功能请求 博客 & 新闻 常见问题 帮助 & 维基 Twitter
概述 个人资料设置 账号和账单 我的客服工单 联系支持 已发表观点 粉丝 正在关注 私人消息 聊天 退出