It can crash just as it can move up. When I am saying it is going up this is only my belief.
When I looked at this chart I immediately thought that there will be a bullish breakout next because of the small rounded bottom and the bull flag, but, here is another scenario that can happen:
Then after I started to draw this scenario above seemed less likely.
» After a strong rise the retrace was very small.
» The support zone in blue matches the 17-March peak candle wick and close. It has been tested and it holds.
» There is no bearish volume nor any bearish momentum.
There is simply no need for the market to move lower and there are no signals pointing this way. So instead of down, a bullish breakout (continuation) comes next. Seems pretty obvious, the bull market has already been confirmed.
Thank you for reading.
Namaste.
