• Price is at a critical level
• Lots of work ahead for the bulls to turn the trend in their favor
• Some signs of trend reversal
• 10 SMA (blue) acting as a short term support and pointing upward
• 50 SMA (red) major resistance to overcome, capped prices since the April crash
• Next mission for the bulls is to re-test and penetrate the ascending channel that was previously broken
• First bearish scenario: Prices will re-test the support trend line and fail to penetrate, and fall again
• Second bullish scenario: Bulls successfully entering the bullish channel again, and getting consecutive daily closes above the 50 SMA
• Lots of work ahead for the bulls to turn the trend in their favor
• Some signs of trend reversal
• 10 SMA (blue) acting as a short term support and pointing upward
• 50 SMA (red) major resistance to overcome, capped prices since the April crash
• Next mission for the bulls is to re-test and penetrate the ascending channel that was previously broken
• First bearish scenario: Prices will re-test the support trend line and fail to penetrate, and fall again
• Second bullish scenario: Bulls successfully entering the bullish channel again, and getting consecutive daily closes above the 50 SMA
Ramzi Abou Abdallah, CFTe, CMT
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♦️ t.me/accu_trading