Very very important chart.
What to look at:
- Multiple triangles made of black think support trendline and red overhead local resistance.
(Black support breakdowns are labelled)
**The current impulse to the upside is interesting because this is the first time during this bear market that we close above the local resistance red line.
On Oct15 2018, we made an attempt but it failed miserably.
*The blue overhead resistance serves significance as it is the most interactive with price actions and date back to early 2018.
There is a strong confluence zone that is the blue historical resistance and 1.618 ext of wave 1-2 from Dec15th.
It would surprise me if the bears push the price back down below the local resistance (now support). And that of the black support.
I anticipate the price to at least test $5300 and blue trendline once again. And hopefully, it breaks bullish.
It should occur in the upcoming days if we assume waves being parallel.
What to look at:
- Multiple triangles made of black think support trendline and red overhead local resistance.
(Black support breakdowns are labelled)
**The current impulse to the upside is interesting because this is the first time during this bear market that we close above the local resistance red line.
On Oct15 2018, we made an attempt but it failed miserably.
*The blue overhead resistance serves significance as it is the most interactive with price actions and date back to early 2018.
There is a strong confluence zone that is the blue historical resistance and 1.618 ext of wave 1-2 from Dec15th.
It would surprise me if the bears push the price back down below the local resistance (now support). And that of the black support.
I anticipate the price to at least test $5300 and blue trendline once again. And hopefully, it breaks bullish.
It should occur in the upcoming days if we assume waves being parallel.
