My short sell was stopped out at break even, now I am sitting on the sidelines and waiting to see what develops. I was very surprised to see $7,250 resistance break and do not have a confident prediction in either direction. So I have outlined my bullish and bearish scenarios arguments.
Bullish
Above 50 day SMA
Back above green dotted bull trend line
RSI above 50 (think of this like 50 yard line on football field)
Bearish
Potential new bear trend forming. Price is testing the red dotted line for a 3rd time. If it resists then it will like resist for a 4th time before reversing
Horizontal resistance at $7,750 should be fairly strong
I am leaning towards the bullish option, but the overall trend is way too bearish for me to open a long right now. If the price can break through $7,750 then I expect us to retest the longer term bear trend (red solid). If we can break through that then I will be going all in on a long.
Happy trading and remember that following is free!
Bullish
Above 50 day SMA
Back above green dotted bull trend line
RSI above 50 (think of this like 50 yard line on football field)
Bearish
Potential new bear trend forming. Price is testing the red dotted line for a 3rd time. If it resists then it will like resist for a 4th time before reversing
Horizontal resistance at $7,750 should be fairly strong
I am leaning towards the bullish option, but the overall trend is way too bearish for me to open a long right now. If the price can break through $7,750 then I expect us to retest the longer term bear trend (red solid). If we can break through that then I will be going all in on a long.
Happy trading and remember that following is free!
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