Hello fellas!
We're still in a bearish market, I know. The weekly chart can tell by it self. But what if the still sharply sloping downwards 10-MA (in red) is the Bull's next target?
At the moment, the 50-MA (in yellow) is working as support -if you're going long, and the 5-MA (in blue) is working as critical resistance for this morning's weird uptrend. Today and tomorrow will be decisive for the weekly green candle's faith. To consolidate the rally, I think the bulls should turn that yellow moving average from resistance to support.
One thing encourages me to think that this target is possible (around 8.7k): that lazy 10 week Moving Average. For the last two weeks, the 10-MA has laid on the .786 level of the Fibonacci, which I placed from the year's lowest to the famous and well miss all-times highest, and seems to be working as big resistance for the bulls, ergo, a price level to be targeted this weak. It's kinda of a zero sum game, folks!
Will see, this is just TA wishing-thinking. Let's check with the masters. Let's educate without going to school.
Peace out brows.
We're still in a bearish market, I know. The weekly chart can tell by it self. But what if the still sharply sloping downwards 10-MA (in red) is the Bull's next target?
At the moment, the 50-MA (in yellow) is working as support -if you're going long, and the 5-MA (in blue) is working as critical resistance for this morning's weird uptrend. Today and tomorrow will be decisive for the weekly green candle's faith. To consolidate the rally, I think the bulls should turn that yellow moving average from resistance to support.
One thing encourages me to think that this target is possible (around 8.7k): that lazy 10 week Moving Average. For the last two weeks, the 10-MA has laid on the .786 level of the Fibonacci, which I placed from the year's lowest to the famous and well miss all-times highest, and seems to be working as big resistance for the bulls, ergo, a price level to be targeted this weak. It's kinda of a zero sum game, folks!
Will see, this is just TA wishing-thinking. Let's check with the masters. Let's educate without going to school.
Peace out brows.