Hi guys,
As you can see on the chart there's a bullish pattern on the bigger picture. A descending wedge could be in play and could indicate a strong bullish move. Oscillators are bullish, but there's not alot of volume coming in. This could mean two reasons IMO. 1: There's still alot of fear in the market and are waiting for the whales to go first, 2: Everyone is anticipating a bearish pattern and will buy at a lower level (+/- 8300 or even 7800).
If you zoom in you can see a bullish diamond pattern forming and the volume is decreasing. This also could be a bullish indicator. But if you zoom out a little, you can see that there's a ascending wedge in play as well. I made a circle in white where I think the decisive moment will be.
Resumé:
I see three options:
1. Bullish breakout to 8900 level (strong resistance there)
2. Retrace to 8300 before we go back up.
3. Retrace to 7800 level before we see a big impulse wave up creating FOMO.
Good luck trading! If you have questions or remarks, leave them in the comment section.
Greetz,
David
*Not financial advice and for entertainment purpose only.
As you can see on the chart there's a bullish pattern on the bigger picture. A descending wedge could be in play and could indicate a strong bullish move. Oscillators are bullish, but there's not alot of volume coming in. This could mean two reasons IMO. 1: There's still alot of fear in the market and are waiting for the whales to go first, 2: Everyone is anticipating a bearish pattern and will buy at a lower level (+/- 8300 or even 7800).
If you zoom in you can see a bullish diamond pattern forming and the volume is decreasing. This also could be a bullish indicator. But if you zoom out a little, you can see that there's a ascending wedge in play as well. I made a circle in white where I think the decisive moment will be.
Resumé:
I see three options:
1. Bullish breakout to 8900 level (strong resistance there)
2. Retrace to 8300 before we go back up.
3. Retrace to 7800 level before we see a big impulse wave up creating FOMO.
Good luck trading! If you have questions or remarks, leave them in the comment section.
Greetz,
David
*Not financial advice and for entertainment purpose only.
