Caution in risk; Bitcoin short?
Yesterday I mentioned the dramatic reversal in silver after a breakout above resistance was reversed, eluding to a similar fractal in stocks that I had cautioned about a few weeks ago.
Thus far, a test of the breakout line is successful, as evidenced by last week's candle; However, with momentum turning down and likely to reach into oversold conditions and the 200-week MA directly below as obvious support – I don't think bulls should expect upside acceleration anytime soon. In fact, I would not be surprised to see downward sideways action, perhaps leading to a minor breach of that trendline and perhaps the 200-day MA again.
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