Looking at the chart, we have still broken the rising channel, and we seem to be forming a small consolidation pattern down there. Is this just a bear trap where we trap traders short and then shoot higher to the moon? or is this a bearish flag (a pattern that normally precedes lower prices) like some traders are seeing.
This market requires a bit of patience, but my thoughts are that even though we have broken the upwards channel the market is still holding its head above water for now. A break below the smaller line on the chart = bearish! But if the buyers take charge and take us back into that bigger rising channel, that will be very very bullish. But for now, we just need to be patience and wait.
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