If you have look at the daily chart you can see a clear hidden bearish divergence which is a trend continuation sign (confirming that we are still going down). It also forming on the simple RSI too.
On the MACD the lines arent crossed yet. We might move up to 9.5k and possible create a double top there then move down.
Yes we broke the bearish trendline, but it is not as significant as the fact that we also broke the longterm bullish trendline.
Target is still 5k as the fibonacci shows. Let the bulls to take their last breath and let's move down!
***It is NOT a financial advice. It is only my personal opinion***
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We broke a big resistance at 10k. Let's see if it's a false breakout or not. I keep being bearish.
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We didn't close above 10k on the daily chart yesterday. Good sign!
thats not the long term uptrend line. thats the mid term. We actually bounced off the long term at 5,800
KryptonuQ
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@toabyt, Thank you for your comment! I see your point, but it depends on how we draw it. Drawing as you mentioned, it really is a bounce back, but we can also chose two other supports to create a new lower trendline which havent been touched for a while. Nothing is sure in TA don't forget. In the current situation I don't think we are going bullish yet. I do expect another bearish wave and the hidden divergence is a confirmation sign. Have a good day!:)
CryptoTaxAttorney
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Pitiful!
KryptonuQ
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@Pinarello1967, only time will tell.
CryptoTaxAttorney
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@KryptonuQ, You are right on that point. I hope I have to eat my words as I would love another bite at 5k.
CryptoTaxAttorney
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@Pinarello1967, Let me rephrase. I hope I have to eat my "word"...