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Looking at our trend timeframe we see price continuing to respect our downtrend with no signs of reversal on the weekly. Stochastic RSI showing momentum is in favor of bulls, will watch smaller timeframe for entry. Last time we were at this price was back in in March of 2017, where we saw a run towards our all time high. Temporary support found at 20000.
Shifting over to our pattern timeframe we see price respect our consolidation zone from 20000 to 27000, stochastic rsi showing momentum is in favor of bears. Today’s open at 23857, with a high of 24300. STRAT now looking to break through our support and retest the bottom of our consolidation zone. A daily close above 25250 activates our trade, however if rejected from this level expect our sell off to continue. Expecting a bounce off 20000 before any radical moves.
Conclusion
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Disclaimer: I am not a financial advisor nor am I giving financial advice. I am sharing my biased opinion based off speculation. You should not take my opinion as financial advice. You should always do your research before making any investment. You should also understand the risks of investing. This is all speculative based investing.
