We have been following this wedge pattern pretty perfectly. On track to set a lower high which should be followed by a higher low. We have rejected the upper trend line pretty violently twice now (My previous post called to short this pretty accurately). A move down to the 10K zone in the days/weeks would be no surprise to me. Im going to wait for more confirmation signals before recommending any further shorts. (Although, two daily wicks bouncing off the trend line line are pretty strong indicators for a short-term reversal! Keep and eye on it!)
Many people have been calling for a huge move up or down right now, but I believe we still have some consolidation to take care of following the rally beginning in April. Let's not forget that we are still up ~180% ($7700) for the past 3 months.
Happy Trading!!
Many people have been calling for a huge move up or down right now, but I believe we still have some consolidation to take care of following the rally beginning in April. Let's not forget that we are still up ~180% ($7700) for the past 3 months.
Happy Trading!!
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Looks line this short term uptrend is holding.
If it breaks, go short. If it holds look for a breakout of the downtrend line formed by the larger wedge we are in. That would signal a violet move north.
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The past two times we tested the trend line for 10-20 hours before getting violently rejected. This time we have spent more than 3 days fighting it while setting higher lows and lower highs (typical wedge). Given that the short term trend line is also still intact makes me think it's more likely we will break to the upside.
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Looking at the hourly and we're really tightening up in this range. Typical lower highs and higher lows. Pretty standard set up for a breakout. Keep an eye on it!