Just as predicted, we stayed in bull territory and after some consolidation to the 7.6k level we broke our 8k resistance. In the chart linked below, I point out various points in the past few days were we have bounced off the Bollinger MA (RED LINE IN CHART).
As you may know, a bull market will show in the Bollinger bands by staying in upper RSI territory and staying above the MA (for the most part). Below I have highlighted in yellow multiple times over the past few days where we have bounced-off or stayed above the MA and even "ridden" it for hours at a time.
Notice how any time we dipped below the MA it was for various parts of the hour. If we were to expand to a 5m interval, we would see that these dips lasted minutes at a time. These periods of consolidation are what allowed us to rocket past 8k due to overwhelming buy pressure.
This is only my second publication so feel free to offer constructive criticism :)
As you may know, a bull market will show in the Bollinger bands by staying in upper RSI territory and staying above the MA (for the most part). Below I have highlighted in yellow multiple times over the past few days where we have bounced-off or stayed above the MA and even "ridden" it for hours at a time.
Notice how any time we dipped below the MA it was for various parts of the hour. If we were to expand to a 5m interval, we would see that these dips lasted minutes at a time. These periods of consolidation are what allowed us to rocket past 8k due to overwhelming buy pressure.
This is only my second publication so feel free to offer constructive criticism :)
Kommentera:
Reached very strong resistance. if we can get past 8.8k its on to 10.5k