Accumulation Zone?

١٠ أغسطس ٢٠٢٠

Hello Everyone and Good Afternoon To You! Last night the bulls caught some momentum but failed to break our prior high around $12,130. We have had a very bullish trend since the Covid Flash Crash and I believe the trend should continue. I have 2 zones of interest with the first being a support zone around $11,500 and our local resistance at $12,130. I have most of my analysis on that chart but for a quick summary we have made 4 consecutive lower highs on the MACD/Signal lines on our MACD but at the same time bears are slowly losing grip on holding the price down as you can see bearish momo is declining with each dip in price. My Bullish Signal is a break above $12,130 and closing a 1 HR candle above to avoid any possible fakes outs upon breaking. My 1st bullish target is $12,350-$12,400 but I'm really thinking $13,200 roughly would be in the cards if you zoom out on the daily and look left. My bearish target entry is a break below our $11,150-$11,200 support with a target area to take profit around $10,600-$10.800 where bulls have major support. Once Again Thank You For Your Time and if you like this kind of analysis hit the thumbs up button and consider following.