Upcoming Death Cross on the 50 and 30 Week MA's

It's not time to get too excited just yet. Still holding onto my $4,200 target in October. I am a bear until we get above $12,000 and trade above long term moving averages that are in a bullish posture. Won't be re-opening a short just yet, will be waiting to see how the MA's hold as resistance.

Yorum:

It's a battle of moving average crossovers!

The price should pull into the crossover. When we are this far away from the short term MA's on the daily chart it would not be a good time to buy it. Conversely when we are this overbought in a bear market it could be a good time to sell it.