Hi All!
I think that in the recent days we experienced a classic bull trap situation. A fake breakout of the descending trendline.
Price action formed a bearish pin-bar at 11788 $. This level converges with 50 and 100 MA and 50% Fibo retracement - it was rejected to the downside.
What is more we hit the upper Bollinger Band.
I expect the price to fall to 8500 $ level where the price will find a major support of the 200 MA and the trendline.
Second level of support should be around 6500 $ where we will encouter a lower major trendline, 78.6% Fibo retracement and the lower Bollinger Band. From that level I will be extremely bullish!
I hope it helps.
Cheers!
I think that in the recent days we experienced a classic bull trap situation. A fake breakout of the descending trendline.
Price action formed a bearish pin-bar at 11788 $. This level converges with 50 and 100 MA and 50% Fibo retracement - it was rejected to the downside.
What is more we hit the upper Bollinger Band.
I expect the price to fall to 8500 $ level where the price will find a major support of the 200 MA and the trendline.
Second level of support should be around 6500 $ where we will encouter a lower major trendline, 78.6% Fibo retracement and the lower Bollinger Band. From that level I will be extremely bullish!
I hope it helps.
Cheers!
Comment:
Trendline broken, confirmed and retested. It's time to BUY !
Comment:
8500 $ target reached ! The price came back to retest the bearish trendline. It just formed a bullish pin-bar bouncing up from the 200 MA and from the above mentioned trendline.
If it holds above that we can expect another attack of the 11600 $ price zone.
If it breaks down... 6500 - 6600 $ should be expected as I described in the first part of the analysis.
Good luck!
If it holds above that we can expect another attack of the 11600 $ price zone.
If it breaks down... 6500 - 6600 $ should be expected as I described in the first part of the analysis.
Good luck!
Comment:
ALERT !
It looks like it is going to break down. My base scenario is still in play! Watch for 6500 $
It looks like it is going to break down. My base scenario is still in play! Watch for 6500 $
Comment:
BANG ! just broke down !
Comment:
heading toward 6500 $
Trade closed: target reached