We have been in an ascending channel since April 1st. Today's drop from the bull trap is sitting precariously at the bottom support which it tested a couple of days ago already.
Two scenarios:
1. We may bounce upwards from here but seems quite unlikely given the bearish sentiment and trend indicators bearish across the board. However, there are probably a lot of newly opened shorts that might push us slowly upwards if stop losses are hit.
2. We break the channel trendline which will mean the first target is $7.8k, if that doesn't hold we will probably be retesting $6.5k level
Two scenarios:
1. We may bounce upwards from here but seems quite unlikely given the bearish sentiment and trend indicators bearish across the board. However, there are probably a lot of newly opened shorts that might push us slowly upwards if stop losses are hit.
2. We break the channel trendline which will mean the first target is $7.8k, if that doesn't hold we will probably be retesting $6.5k level
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Channel held and large breakout. Now we wait to see if it can break out of the current descending trednline. Break above $8850 will probably confirm a move to the previous high support at $9350
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I also updated my chart colours. Got tired of staring at red, was making me feel angry haha
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Dropped out of the channel :/