Re: [Chart] VPVR Part 2: Volume Point of Control $8,188 Now Turned Support
OP screenshot updated with Weeky close, a nice 10% move from $8,700 to $9,600. Not quite the $10K that seemed possible (sorry folks, no refunds), but a nice move nonetheless.
As the April 2019 extrapolation suggests, now anticipating consolidation for up to a few weeks and finding support from the $8,800 level (or around 200 Day MA at $8,900), if we don't make the move the $10K this week that is. Below this, I see $8,200 as strong volume support that is in confluence with fib retracements as well as the 21 Week MA ($8,290):
As the April 2019 extrapolation suggests, now anticipating consolidation for up to a few weeks and finding support from the $8,800 level (or around 200 Day MA at $8,900), if we don't make the move the $10K this week that is. Below this, I see $8,200 as strong volume support that is in confluence with fib retracements as well as the 21 Week MA ($8,290):
Yes I do, although there will probably be some disagreement over use of the word "dump." In the bigger picture, it will probably be viewed as a "pullback" or "correction" instead.
This is my general idea:
A 50-62% retracement would be typical, although it doesn't need to go that deep.
This is my general idea:
A 50-62% retracement would be typical, although it doesn't need to go that deep.