Hi everyone! It has been a while since I last posted. Hoping to come back more regularly.
Lets get right to it. What we se hear is a descending triangle after a sharp drop. At the moment we are testing 50 EMA , which align with our triangle. We have tested the upper limit of the triangle before on June 14 which aligned with the 200 EMA, which got rejected. I see lot of enthusiasm since we bounce from the below 30k levels quickly, yet we still haven't broken out of the triangle. So without confirming that we have broken out of the triangle we should wait before taking any actions. Especially since US debt ceiling is a big topic that might effect the markets.
As always just a thought not an advice. Do your own due diligence and stay safe!
Lets get right to it. What we se hear is a descending triangle after a sharp drop. At the moment we are testing 50 EMA , which align with our triangle. We have tested the upper limit of the triangle before on June 14 which aligned with the 200 EMA, which got rejected. I see lot of enthusiasm since we bounce from the below 30k levels quickly, yet we still haven't broken out of the triangle. So without confirming that we have broken out of the triangle we should wait before taking any actions. Especially since US debt ceiling is a big topic that might effect the markets.
As always just a thought not an advice. Do your own due diligence and stay safe!