I'm watching this closely, because a close beneath the trend could signal much further loss of price. There's is no substantial buy volume at levels heading towards low 8k and beyond that it gets worse. If it can close and recover above the trend it'll show a continuation of the existing 3 time confirmed trend line holding, a good place for a long scalp back towards the tip of the resistance point but that's cutting it fine.
10k is still proving extremely difficult to break and with now 3 large rejections from it I'll be looking to short this drop beneath the trend if it shows.
I'm no expert, and I will never claim to be, but I have been looking at an enormous amount of fundamentals over the last 6 months and the recent very bullish news has so far failed to result in any price action. Granted we're in unprecedented financial times and the markets across the board don't make a great deal of sense, but certain elements of the recent price movement coupled with who is believed to be entering the market and in what quantities, leads me to think price will fall to allow room for more accumulation.
Let me know what you think if you want.
10k is still proving extremely difficult to break and with now 3 large rejections from it I'll be looking to short this drop beneath the trend if it shows.
I'm no expert, and I will never claim to be, but I have been looking at an enormous amount of fundamentals over the last 6 months and the recent very bullish news has so far failed to result in any price action. Granted we're in unprecedented financial times and the markets across the board don't make a great deal of sense, but certain elements of the recent price movement coupled with who is believed to be entering the market and in what quantities, leads me to think price will fall to allow room for more accumulation.
Let me know what you think if you want.