The initial breakout of the mid-term downtrend was denied, as many expected, although it seemed to take some effort, which is a good sign moving foward. The short term upward channel has been acting as solid support for the past bull run, and it matches up well as a bounce point for the current retrace within the larger head and shoulders pattern. A break below the upward channel would indicate further selling; i would be looking for support at the $9000 area, which is also the 50% fib retrace from the past bull run. That would be consistent with the last minor retrace before breaking out of the mid-term downtrend back in August.
*Disclaimer* While this isnt my first chart, it is my first post and i'm not looking to give advice or set expectations. This is simply an idea; I have learned a lot from this community and would like to continue that growth, so any feedback or constructive criticism is welcome and would be appreciated.
Nick
*Disclaimer* While this isnt my first chart, it is my first post and i'm not looking to give advice or set expectations. This is simply an idea; I have learned a lot from this community and would like to continue that growth, so any feedback or constructive criticism is welcome and would be appreciated.
Nick