First time sharing an idea.
I was split between a bullish or bearish movement. I saw what looked to be a rounding top, which could be bullish or bearish upon confirmation.
As of now, a handle seems to be forming following the rounding top which would lead me to believe that I was wrong and that this is now an inverted cup and handle pattern(bearish).
It can be clearly seen on a 30min/1hr chart.
As resistance stood true to the test, at around $219.36(top of the handle), the price has fallen and made a small gap downward. The price has been met with some support ($213.95) just above support from the right lip of the cup.
Volume has been decreasing since the top of the handle, while indicators are showing possible signs of a bounce in an upward direction.
At the time of writing, 30min/1hr chart shows price below all three EMA's, while a 4-hour chart is showing that the price is approaching (very close) the 200 EMA. Possibly support from the 200 EMA?
As much as I would love to be bullish on the direction of the next major move, some things are pointing in the opposite direction. I will hold off on placing any trades until confirmation of a downward or upward movement.
If anyone has comments/input on my thoughts please leave them below.
1/12/2020
I was split between a bullish or bearish movement. I saw what looked to be a rounding top, which could be bullish or bearish upon confirmation.
As of now, a handle seems to be forming following the rounding top which would lead me to believe that I was wrong and that this is now an inverted cup and handle pattern(bearish).
It can be clearly seen on a 30min/1hr chart.
As resistance stood true to the test, at around $219.36(top of the handle), the price has fallen and made a small gap downward. The price has been met with some support ($213.95) just above support from the right lip of the cup.
Volume has been decreasing since the top of the handle, while indicators are showing possible signs of a bounce in an upward direction.
At the time of writing, 30min/1hr chart shows price below all three EMA's, while a 4-hour chart is showing that the price is approaching (very close) the 200 EMA. Possibly support from the 200 EMA?
As much as I would love to be bullish on the direction of the next major move, some things are pointing in the opposite direction. I will hold off on placing any trades until confirmation of a downward or upward movement.
If anyone has comments/input on my thoughts please leave them below.
1/12/2020
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*NOT 100% POSITIVE* JUST MY IDEAS.