The Market went through the $4165-$4200 resistance, as described in my previous analysis.
We are still in a bear market, however, the short-term directionality is bullish. The price will probably try to break the $4400-$4500 level.
The last four weeks have been incredibly strong. Money Flow Index (MFI) in overbought & Rising Wedge Formation.
From my point of view, this is a bull trap formation. It can use the momentum to get to the $4500, which I see unlikely, but not impossible. I used the last weeks to sell and get more liquidity. Now I am just watching the price action.
My Scenario:
From 15/08/2022 to 01/09/2022 -> Upside to $4200-$4300.
From 01/09/2022 to 31/12/2022 -> Continuation of the bear market / Target: $2,800-$3,500 in 12-18 months.
We are still in a bear market, however, the short-term directionality is bullish. The price will probably try to break the $4400-$4500 level.
The last four weeks have been incredibly strong. Money Flow Index (MFI) in overbought & Rising Wedge Formation.
From my point of view, this is a bull trap formation. It can use the momentum to get to the $4500, which I see unlikely, but not impossible. I used the last weeks to sell and get more liquidity. Now I am just watching the price action.
My Scenario:
From 15/08/2022 to 01/09/2022 -> Upside to $4200-$4300.
From 01/09/2022 to 31/12/2022 -> Continuation of the bear market / Target: $2,800-$3,500 in 12-18 months.
