Upcoming Death Cross on the 50 and 30 Week MA's
It's not time to get too excited just yet. Still holding onto my $4,200 target in October. I am a bear until we get above $12,000 and trade above long term moving averages that are in a bullish posture. Won't be re-opening a short just yet, will be waiting to see how the MA's hold as resistance.
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The price should pull into the crossover. When we are this far away from the short term MA's on the daily chart it would not be a good time to buy it. Conversely when we are this overbought in a bear market it could be a good time to sell it.