Price is currently sitting in a wedge formation.
The red trendline is from the April low to the 5 June Low.
The Greenline is from the 16 Jan high to the May high. (TRIANGLE WEDGE) There is also a Head and SHoulder on the daily.
The price is struggling to stay above the $2.30 mark that I also wrote about in May. This level is also a pivot point.
Price may break higher in the short term (current week) to $2.45 that will line up with the GREEN Downtrend line. I doubt that we make a big move past this level this week.
If the $2.30 still holds as Resistance on a daily close by the end of this week I fore-see a bigger drop to come before the bull run. and yes maybe another 10 000 pip drop as earlier in the year that will send prices to the $1.20 to $1.30 area that is also in line with the 72% Fibo from the Nov'24 Low move to Jan'25 High. But for this we will need a daily close below $2.00 support as well a some bad fundamentals from the USA as well as current SEC thay may postphone the ETF application outcomes to Nov'25.
I will be carefull to go more bullish from here.
The red trendline is from the April low to the 5 June Low.
The Greenline is from the 16 Jan high to the May high. (TRIANGLE WEDGE) There is also a Head and SHoulder on the daily.
The price is struggling to stay above the $2.30 mark that I also wrote about in May. This level is also a pivot point.
Price may break higher in the short term (current week) to $2.45 that will line up with the GREEN Downtrend line. I doubt that we make a big move past this level this week.
If the $2.30 still holds as Resistance on a daily close by the end of this week I fore-see a bigger drop to come before the bull run. and yes maybe another 10 000 pip drop as earlier in the year that will send prices to the $1.20 to $1.30 area that is also in line with the 72% Fibo from the Nov'24 Low move to Jan'25 High. But for this we will need a daily close below $2.00 support as well a some bad fundamentals from the USA as well as current SEC thay may postphone the ETF application outcomes to Nov'25.
I will be carefull to go more bullish from here.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.