The support at $6000 held, for a Triple bottom.
Bears looked exhausted by the time they reached there. It was easy for the Bulls to defend.
On the way back up there is a lot of resistance around $7000.
4hr Chart has resistances of:
1) 50MA
2) A horizontal resistance
3) Bottom of the symmetrical triangle
$7000 is important profit taking area for Bulls.
$7000 - $7200 is also a potential low risk short for Bears. Just a tight stop inside the symmetrical triangle.
Also a shorting opportunity if the rising wedge develops and breaks down. A pattern which has been working well recently.
Bears looked exhausted by the time they reached there. It was easy for the Bulls to defend.
On the way back up there is a lot of resistance around $7000.
4hr Chart has resistances of:
1) 50MA
2) A horizontal resistance
3) Bottom of the symmetrical triangle
$7000 is important profit taking area for Bulls.
$7000 - $7200 is also a potential low risk short for Bears. Just a tight stop inside the symmetrical triangle.
Also a shorting opportunity if the rising wedge develops and breaks down. A pattern which has been working well recently.
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