Continuation is more likely than reversal, and as you can see we've had a pretty bearish ride to this point. We dumped for ~3 weeks, and now is the time to complete this triangle. We had a bearish TK cross roughly 84 days ago on the weekly chart, and tomorrow we will officially be under the weekly ichimoku cloud.
Ever since our fall from ~20k we've continued to show bearish signals, lower highs & decreased volume, signs of steady accumulation when we get in the 9k-12k area are just not there. My theory is once we complete this triangle we will visit the 5ks, with the lowest point being roughly 5.4-5.5k going by previous support/resistance.
I'll be posting more in-depth charts on how I expect our road to ~9k to go.
Ever since our fall from ~20k we've continued to show bearish signals, lower highs & decreased volume, signs of steady accumulation when we get in the 9k-12k area are just not there. My theory is once we complete this triangle we will visit the 5ks, with the lowest point being roughly 5.4-5.5k going by previous support/resistance.
I'll be posting more in-depth charts on how I expect our road to ~9k to go.