Neckline established on the last daily candle. Price squeezing in a close juncture here at an important fib-level.
What will be brilliant is if price breaks the blue trendline downwards and quickly reverses, trapping bears. The reason this might happen is that breaking the trendline on price will not necessarily break RSI trendline. RSI trendline established strong support and current price action with SOME consolidation is actually constructive. I'm expecting a 100% to 61.8% retrace from the last 4 days action between ~10,200 and 10700.
Hold the established "Bull-line" on RSI and continue upward. Buy the dip.
However, keep in mind, a close below "Bull-line" will be bad news for bulls.
Target remains 15k.
What will be brilliant is if price breaks the blue trendline downwards and quickly reverses, trapping bears. The reason this might happen is that breaking the trendline on price will not necessarily break RSI trendline. RSI trendline established strong support and current price action with SOME consolidation is actually constructive. I'm expecting a 100% to 61.8% retrace from the last 4 days action between ~10,200 and 10700.
Hold the established "Bull-line" on RSI and continue upward. Buy the dip.
However, keep in mind, a close below "Bull-line" will be bad news for bulls.
Target remains 15k.
Trade ativo:
.786 re-trace coincided with the 50 day SMA. Guess that is where bulls chose to hold the line. Notice price has broken the trend-line as expected in the above analysis.
Look to close above RSI today to confirm bounce.
Look to close above RSI today to confirm bounce.
