The dip in price last night has now formed an Ascending Broadening Wedge (Bullish Bias).
Bulls lost the short term battle with the bears when it broke through the support line (yellow broken trend line) it held yesterday.
Bulls still have a chance to redeem themselves if they wish to push the price up, well, they have to show up to the party first.
If no Bulls come to the party, the bears will be feasting, and push the price down. The 200 EMA on this chart sits at $8880 and may be the level of opportunity to buy in.
If the Bulls show up and pushes the price up, resistance will be met at $9600, and continue to fulfill the Adam & Eve Chart Pattern.
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
Bulls lost the short term battle with the bears when it broke through the support line (yellow broken trend line) it held yesterday.
Bulls still have a chance to redeem themselves if they wish to push the price up, well, they have to show up to the party first.
If no Bulls come to the party, the bears will be feasting, and push the price down. The 200 EMA on this chart sits at $8880 and may be the level of opportunity to buy in.
If the Bulls show up and pushes the price up, resistance will be met at $9600, and continue to fulfill the Adam & Eve Chart Pattern.
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
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Falling Wedge with RSI Bullish Divergence. Price expected to go up. Immediate Target $9370
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RSI Hidden Bullish Divergence On 4H Chart
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This Bear Flag could breakout towards the downside and trigger a cascading waterfall.
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Bulls are staying strong and continues to make higher lows.
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Bulls failed to defend the support line.
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Bearish Pennant on the 30 min chart. Possibly more downside price action.
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Rising Wedge, looking at $8550
