With Mark Wood
1 post • Page 1 of 1
I try to find key areas of support and resistance to follow which can often show the next larger move that might play out. I've found an area between 48.5-49.1 that shows if it holds, price could get a decent bounce at the very least. If it folds, could see a move down to the 40.42K area. Holding the middle band on daily would allow for consolidation and TD Sequential to flip back to green which would open the door for a move to go back and test the highs. The support at 49.1 comes from the 9EMA on 2D. Holding here could also take price to test the prior highs. Easier said then done tho.
On this bull run, 20-25% corrections have been the norm with 30% being the largest so far after a run to the parabolic high of 42K. Could see another 30% correction here to the lower 40Ks and maybe much lower if that is lost. I'm keeping an overall bullish bias for now as long as price is remaining above 40K