This is AT RESISTANCE at $80.44, so for me this is not the time to consider buying.... yet.
Traders should be watching for a break of that level and ideally a retest as support, before targeting the key resistance just below $100. As you can see in the circled area, 5 candles failed to break that resistance last time price reached it, so you can expect it to potentially be a tough nut to crack.
But first $80.44...
Price is trading in a local descending channel with alternating touches up and down. This is NOT a bear flag, which would have to be ascending at the bottom of a move like this. It is also NOT a bull flag, which would be a descending channel but at the TOP of a move.
Either way, a descending channel should statistically break to the upside. We just saw something very similar on Bitcoin.
Traders should be watching for a break of that level and ideally a retest as support, before targeting the key resistance just below $100. As you can see in the circled area, 5 candles failed to break that resistance last time price reached it, so you can expect it to potentially be a tough nut to crack.
But first $80.44...
Price is trading in a local descending channel with alternating touches up and down. This is NOT a bear flag, which would have to be ascending at the bottom of a move like this. It is also NOT a bull flag, which would be a descending channel but at the TOP of a move.
Either way, a descending channel should statistically break to the upside. We just saw something very similar on Bitcoin.
scott.melker@texaswestcapital.com