Summary:
Strong resistance level at $280 (key level of 2019 rally)
Bulls exhausted and Bears successfully pull-backed the price to ~220 level
Bears, however, failed to break below $220 support
Bulls are back.
Analysis:
The failed breakdown at $210 exhibited long wicks indicating a strong demand zone and a healthy bull market. Now that the higher low has been put in at $230, a level that was controlled by bears over the last few days, and price is finding support on the up-trending 10/20 period moving averages bulls are entering.
Thesis:
Short term target is $250 here two things may happen
Longer term target $280.
Strong resistance level at $280 (key level of 2019 rally)
Bulls exhausted and Bears successfully pull-backed the price to ~220 level
Bears, however, failed to break below $220 support
Bulls are back.
Analysis:
The failed breakdown at $210 exhibited long wicks indicating a strong demand zone and a healthy bull market. Now that the higher low has been put in at $230, a level that was controlled by bears over the last few days, and price is finding support on the up-trending 10/20 period moving averages bulls are entering.
Thesis:
Short term target is $250 here two things may happen
- Bulls may come in strong and break right through. For this to occur, we'd have to see and increase in volume over the next day or so.
- Pullback to 10 or 20 period moving average. If support is found at the moving average price will go higher and into the $280 supply zone.
Longer term target $280.
