Hi guys,
This is more of an invitation to comment rather than an analysis because simply I am getting contradictory signals from this chart.
The facts are the following:
We are in a channel-like retracement from the previous ATH - it is uncertain where it will stop and if somebody says they know they are lying
The price bounced violently off the last FIB line (suggesting the bull trend might live just a little longer)
Bull theory:
We are seeing a decreasing volume profile and an organic upward movement, even forming a very bullish Inverted H&S pattern displayed on the chart. If the bears are done, then we should see continuation on the upside, going for the channel walls.
Bears theory:
The last 2 dips (15-Jan and few leading up to 5-Feb) were caused by big sell-offs and not organically, which implies the bears are still in town. We had one bear flag and it looks like another one is in the works.
I will give bears the edge - I think they is another wave coming so I will not open a position yet. What am I missing and what do you guys think?
This is more of an invitation to comment rather than an analysis because simply I am getting contradictory signals from this chart.
The facts are the following:
We are in a channel-like retracement from the previous ATH - it is uncertain where it will stop and if somebody says they know they are lying
The price bounced violently off the last FIB line (suggesting the bull trend might live just a little longer)
Bull theory:
We are seeing a decreasing volume profile and an organic upward movement, even forming a very bullish Inverted H&S pattern displayed on the chart. If the bears are done, then we should see continuation on the upside, going for the channel walls.
Bears theory:
The last 2 dips (15-Jan and few leading up to 5-Feb) were caused by big sell-offs and not organically, which implies the bears are still in town. We had one bear flag and it looks like another one is in the works.
I will give bears the edge - I think they is another wave coming so I will not open a position yet. What am I missing and what do you guys think?