From yesterday’s post: Price has been popping over resistance, pulling back, and then stepping up again. The final resistance has been pierced today and the 3D candle closes in less than 24hrs. That most certainly has played out (see below), now how far will it go down? Testing $250 with an approach towards the moving average seems logical, but there is one thing in the way.
The chart above shows that the final downtrend resistance has been broken, and based on the chart below the resistance has been tested as support. A test of $250 would mean popping back under the trend. This is the last thing the bulls want after a year and a half of bear market.
The saving grace of said situation is as follows, if the bulls do let go for a moment it allows shorts to reset the balance of power and when the bulls rush back in a short squeeze would likely take price to $300. It is rare to want the trend violated, but in this case it might provide the easiest path to $300.