Macro Trend
We've been making lower highs and lower lows on weekly until now, we have made one higher low.
That could signify that double bottom is in.
But we have to remember that the trend has been down lately.
If we are about to climb higher, there are major resistances ahead where to get rejected. (For example 11,00-11,200 and other highs on weekly)
If we are going to get rejected, my target is 20 EMA on weekly (the blue line), which sits now at about 8,500. What more time it takes to go down, the higher the 20 EMA gets.
In order to be bullish for me, we need to get a higher high and make a support there. We could still get rejected from 12,000-13,000, so in my opinion, we need to break the second high (about 13,200).
That could signify that double bottom is in.
But we have to remember that the trend has been down lately.
If we are about to climb higher, there are major resistances ahead where to get rejected. (For example 11,00-11,200 and other highs on weekly)
If we are going to get rejected, my target is 20 EMA on weekly (the blue line), which sits now at about 8,500. What more time it takes to go down, the higher the 20 EMA gets.
In order to be bullish for me, we need to get a higher high and make a support there. We could still get rejected from 12,000-13,000, so in my opinion, we need to break the second high (about 13,200).
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