Now is the time to get your shorts in, as the next 2 weeks are appearing more and more bearish.
Using 4 different channels (beginning 6, 3, 2 1 weeks ago), we can see a clear down trend with targets being hit almost on point.
Below are my 2 week price predictions (12 days, actually).
AUG 3 -- $9,100 AUG 5 -- $9,600 AUG 8 -- $8,100 AUG 12 -- $9,100 AUG 14 -- ?
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If we break to the upside of Channel D (~$10,200), then I think we'll see a bullish run to $12,000 over the next two weeks. But, if Channel D continues to hold, I think price action will continue to flow down Channel B as it has been since around July 10. There is also a chance we could see a bounce from $9,100 up to the top of Channel C (11k ish). I'll definitely update this as the next day progresses.
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Channel B's resistance held up on the 5 min chart.
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Here's a look at the same chart with 1D candles:
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And here's a look at the same chart with 4 hour candles:
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Notice how price action tends towards the vertices, which is how I derived several of the price points.
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1 min is attempting to break through resistance now:
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This is definitely an area of resistance for Bulls:
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Keeping an eye on this:
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Holding strong!!
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Could be heading back up to $10,200...let's see a few more candles.
Order cancelled
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Well this went to shit.
Trade active
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$11,200 is new target, as we reach for the top of Channel C
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RSI showing extremely overbought. While $11,200 is a potential target, I think were coming down pretty hard ($500 or so), pretty soon. I wold definitely hold off on any longs, and if you have open shorts, keep them active but be wary of mooning.