Applying Fibonacci levels to the robust bullish push that began August 31st, I see the expected support/resistance patterns at the predictable Fib levels, all the way to the psychological $4000 price. This is very normal and predictable bull market movement.
Note the falling wedge pattern that developed today. A falling wedge in a bullish trend is a great opportunity to scalp a few bucks (if you're an experienced trader, that is). I expect a breakout within the next 24 hours that will retest the $4000 level at minimum. Might blow right through it too, who knows?
A common indicator that a falling wedge is about to breakout is falling volume as the market consolidates. A spike in volume after it breaks out is a good sign that a larger move is imminent.
I welcome your comments and wish you good luck!
Note the falling wedge pattern that developed today. A falling wedge in a bullish trend is a great opportunity to scalp a few bucks (if you're an experienced trader, that is). I expect a breakout within the next 24 hours that will retest the $4000 level at minimum. Might blow right through it too, who knows?
A common indicator that a falling wedge is about to breakout is falling volume as the market consolidates. A spike in volume after it breaks out is a good sign that a larger move is imminent.
I welcome your comments and wish you good luck!