Post
Topic
Board Speculation
Merits 1 from 1 user
Re: Analysis
by
Majormax
on 30/05/2020, 11:28:22 UTC
⭐ Merited by JayJuanGee (1)
masterluc May 29 comment : All right, price doesn't respect short term trend line. I see it likes triangles now. Okay. Hit or miss. Resolution is close.



The pennant formation is a classic leader to resolution. The end of the pennant often seems to take longer than it should.

That overhead resistance is very strong, with 10 months of lower highs and classic failures at 13500, 10500 (twice) and 10000 (twice). It should worry potential long traders.

If there is a breakout to 11k+ that would be the first bullish sign. 14k cleared would negate the bear trend. An alternative likely scenario is a breakdown towards 6500, which should hold for at least the rest of the year, to build proper support.

As far as consensus goes, yes, I feel the bulls are most hopeful atm, but that could be changed by a decent breakdown from here, as the hopes of 10k+ are very strong.