Using Ichimoku cloud and Andrews pitchfork on the day chart.
Firstly, Since its up trend began in June with an ATH of $400 it receded and moved along in a range until last month. Since then its met resistance in the median of the pitchfork where it has stopped at the moment. I would like to be wrong but without any profound fundamental news pushing it higher, it may return to the support line of the lower 1 fib line, as it's done twice before. On smaller time frames, it again resists at the .618 retracement.
Secondly, current prices do not like to stray too far away from the cloud. As you can see, it's trying hard to continue higher but may run out of fuel.
Absent of fundamental news, I'm staying light and not adding for the long term yet.
Firstly, Since its up trend began in June with an ATH of $400 it receded and moved along in a range until last month. Since then its met resistance in the median of the pitchfork where it has stopped at the moment. I would like to be wrong but without any profound fundamental news pushing it higher, it may return to the support line of the lower 1 fib line, as it's done twice before. On smaller time frames, it again resists at the .618 retracement.
Secondly, current prices do not like to stray too far away from the cloud. As you can see, it's trying hard to continue higher but may run out of fuel.
Absent of fundamental news, I'm staying light and not adding for the long term yet.
