End of the week coming to close. Another strong close above the 200 Week MA can't be ignored as it'd be the third now. Even if we did have 6 weeks close below it.
I posted analysis
elsewhere but as a summary, I see one of a few things happening next week:
1. Price holds $24K (previous resistance) and turns it into support, thus confirming bullish ascending triangle break-out with a measured move target of +20% to $29K (UP)
2. Price breaks below local accumulation zone of $23K and support trend-line, confirming a bearish rising wedge break-down back down to ~$21K prices (DOWN)
3. Price holds $23K accumulation zone / 200 WMA and consolidates further within a bearish rising wedge pattern before making a decision on up or down.
That's right, I see the argument for up, down and sideways right now while waiting for confirmations, mainly depending on what happens early next week. Getting back above $25K could certainly see immediate upside moves, breaking below $23K would be pretty bearish in the short-term with price likely to re-test long-term accumulation zone of $20K to $22K, with the 50 Day MA rising and currently priced at $22K.
Still bullish in the mid-term view, with higher highs and higher lows and above short and mid-term MAs - be dumb not to imo as trend is your friend etc - but remaining relatively neutral in the short-term now as price struggles between $24K and $25K level.
Weekly RSI is looking increasingly bullish and close to leaving bearish territory, so worth having a bullish bias overall imo as bears continue to loose momentum.
Poll
