Bulls Must Defend The $10,350 For An Immediate Trend Reversal

2019年7月15日

When the Bulls are able to defend the $10,350 (Support Line #1) the trend will reverse and price will continue to go up.
Bullish signs:
1. A falling wedge (Orange Lines Converging)
2. Bullish Divergence on RSI

If the Bears are able to pull the price down past $9,750 (Support Line #2), they will devour the bulls in their path.
The Bull's last line of defense would be Support Line #3 at the $9K level.

If the Bulls are able to break out upwards from the huge pennant shaped corral, here's how this story might go:

Always place your stops at the appropriate levels.

Happy Trading Everyone!

Ron

2019年7月15日

註釋

A bounce off of $10,350 and now moving towards the Resistance Line #1

2019年7月15日

註釋

First Resistance Line turned to Support Line

2019年7月30日

註釋

Price now struggling to get above the Yellow Support Line (Support Line #2).
Price is still ranging now but has the potential to launch from this level. Accumulation phase is almost complete. Bullish signals are firing now.

Warning! Never dismiss the possibility of a break to the downside.
Warning! Watch out for the FU move.

Best strategy for any scenario:
1. Place a trailing stop loss.
2. Never trade before the breakout!

Happy Trading Everyone.

Ron