Yesterday I was on the sidelines waiting for two big questions to be answered. Now it looks like we won’t get the desired clarity until after another slow weekend.
Those questions were and are:
1. Will $8,200 turn into resistance?
2. Can we break the 14 day down trend?
We rallied right past $8,350 and for a moment it looked like we would be leaving both of those questions in the past. However, we quickly pulled back after taking a peak outside of the 14 day down trend and are currently testing $8,200 for support.
If we cannot hold above that price over the next 48 hours then I expect $8,200 to ultimately turn into strong resistance. On the other hand, if we can hold then we will break through the down trend and be off for a $9,000 $9,200 retest.
I will remain on the sidelines until gaining more clarity. Until next time, happy trading and go bulls!
Comment if you have something to say. Smash the like if you found this helpful and definitely finger that follow!
Those questions were and are:
1. Will $8,200 turn into resistance?
2. Can we break the 14 day down trend?
We rallied right past $8,350 and for a moment it looked like we would be leaving both of those questions in the past. However, we quickly pulled back after taking a peak outside of the 14 day down trend and are currently testing $8,200 for support.
If we cannot hold above that price over the next 48 hours then I expect $8,200 to ultimately turn into strong resistance. On the other hand, if we can hold then we will break through the down trend and be off for a $9,000 $9,200 retest.
I will remain on the sidelines until gaining more clarity. Until next time, happy trading and go bulls!
Comment if you have something to say. Smash the like if you found this helpful and definitely finger that follow!
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/