The answer depends on many factors and we will be looking at a couple of different ones in the form of price acion patterns, indicators and reracements. ------------------------------------
Part 1: The Daily Chart;Channel life, the daily SMAs/EMAs and the trend's Fibonacci levels.
- The Daily SMAs 50: 41.8k 100: 41.6k 200: 48.2
- The EMA Ribbon 20 Day EMA to Day 60 EMa 44k-43kk
- The ascending channel Top: 48.300-48.600 Bottom: 38.400-38.800
Next Strong Support (lower green circle): - 50&100 day SMAs - The 38.2 level on the trend's Fibonacci retracement = 42.4k-41.6k
Next Strong Resistance (upper green circle): - Daily EMA 20 - 23.6 Fibonacci level = 44k-44.6k -------------------------------------
Trend support (lower red circle): To stay in this trend that we are in since January now in form of this ascending channe, we need to hold the bottom of the channel as a worst case scenario. The good news is that there is more support in that area: - Ascending Channel support - 61.8 & 65 Fibonacci levels = 38.3k-38.7k
Trend Resistance (upper red circle): (confirmation to the upside with daily close above) - Ascending channel resistance - 200 day SMA = 48.2k - 48.6k -------------------------------------
Conclusion: - The bears start winning if we fall below 41.6k and they officially start to take control below 38.3k - The bulls start seeing a reversal to the upside above 44k and start to take full control above 48.2k -------------------------------------
I would like to add that this post is meant exclusively for educational purpose and that non of my posts are financial advise.
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