At the moment monthly chart looks very bearish. After 7 straight green candles, May candle closed as a doji with very long wicks on both sides. This indicates indecision within market participants. June candle opened just below May close and is heading down at the moment. PPO is turning down as well.
Could price turn around and head north? It’s possible, but likelihood of that is becoming low. If June candle were to close much higher than $2700 (May close), then we could expect continuation of a bull run. Until charts show any meaningful bullish signals on daily or weekly timeframes, monthly bearish view stays in charge.
As price continues to decline, most promising support level is around $1000-$1100. $1000 being .786 fib, and $1100 top of 2018 bull run (excluding wicks).
This isn’t a financial, investing, or trading advise.
Could price turn around and head north? It’s possible, but likelihood of that is becoming low. If June candle were to close much higher than $2700 (May close), then we could expect continuation of a bull run. Until charts show any meaningful bullish signals on daily or weekly timeframes, monthly bearish view stays in charge.
As price continues to decline, most promising support level is around $1000-$1100. $1000 being .786 fib, and $1100 top of 2018 bull run (excluding wicks).
This isn’t a financial, investing, or trading advise.
