Heres an update to the bearish fork I’ve been looking at in my recent posts.
The price is in a constant battle against a bearish trend which can be seen by the resistance at the slope of the trendlines. So the price will go lower right? Thats been my thesis anyway. But its a bit problematic to that bearish thesis, that the price also keeps breaking up.
Maybe you remember the fork I was looking at when the price was constantly rampaging higher? Heres an update to an older bullish fork in which I’ve added some new lower trendlines.
Hmm … it looks like support is being found on these bullish trend lines too
What to do? I have an awful feeling I might once again have lost out by not obeying my ‘just buy and hold’ wisdom… I don’t know.. I guess it could still be heading lower ? Hope you didn’t come here looking for answers.
Anyway heres what it looks like with both forks superimposed.
That looks like price forging a sideways path through two equal opposing forces.
Edit: Hopefully it won’t turn out like this, from Ghostbusters ..
Dr. Egon Spengler: Don’t cross the streams.
Dr. Peter Venkman: Why?
Dr. Egon Spengler: It would be bad.
Dr. Peter Venkman: I’m fuzzy on the whole good/bad thing. What do you mean, “bad”?
Dr. Egon Spengler: Try to imagine all life as you know it stopping instantaneously and every molecule in your body exploding at the speed of light.
Dr Ray Stantz: Total protonic reversal.
Dr. Peter Venkman: Right. That’s bad. Okay. All right. Important safety tip. Thanks, Egon.