Post
Topic
Board Trading Discussion
Re: Bull or bull trap
by
N0sferatu
on 16/05/2019, 12:56:50 UTC
The market is pretty undecided currently.

Since a few days (after we hit 8300$ for the first time), the price struggles to find a proper level.
We did retest the upper resistance (8400$) as well as the support (7900$) several times now - even today.

Candlesticks are not clear at the moment.

What we definitely can say is:
Overall volume is still strong.
We (finally) found a strong resistance after the sudden rise.
Bulls have enough power to maintain the support level (until now).
We encountered more red candles in the past 2-3 days.
Bulls don't seem to have the power to push the price much higher than 8400$.

So, neither a bearish reversal nor a continuation of the uptrend is confirmed.

(there might be a slight advance for bears if we solely rely on TA)