As I am sure everyone spotted very quickly the horizontal resistance I mentioned in my last post was blown away with a fairly large pop to the upside. Exciting for bulls amongst and maybe causing a few doubts amongst the bears.
In my last chart I showed a kind of rising channel showing the trend of the rally we are in. However as a few traders on TradingView have pointed out there is a bearish rising wedge which is another way of looking at it. Here is my chart updated to show that wedge. The dotted line shows where I had the top of the channel in my last post.
I dont wish to change any bulls to bears or anything and respect the bullish viewpoint but myself I have pondered it since that pop to the upside and decided to stay on the fence. I still dont feel like going back “all in” yet and intend to leave fiat ready to buy cheaper if it does fall in price.
It seems very hard to call to be honest I could see it go either way. When it smashes through resistance like that there are doubts for sure.
Happy trading and good luck.