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Market Direction
Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.
- Firstly, congratulations all.
- Overall, it's just what a chart, and one we've essentially called perfectly.
- This is a move we expected, and upon the breakout of $0.75, we suggested that all the higher targets were then much more achievable. We've now got all of that and burst even higher.
- Price is overbought here in the short term, so at some point, there's likely to be a pullback. Predicting where that is is tricky. However, with the price having doubled in 10 days, it may be close to the $1.60 - $1.70 area. Again, short-term.
- What's also been really impressive is the volume increase; this is crucial for a convincing breakout, and it's exactly what we got.
- In terms of looking for support, it's currently very difficult. However, the $1.30 area stands out to us. But we'll reassess as and when we get a pullback.
- Next Support: $1.30
- Next Resistance: $1.69
- Direction: Neutral
- Upside Target: $1.69
- Downside Target: $1.30
Cryptonary's take
SPX has had a phenomenal run over the past few weeks, particularly in the last week. We do expect a pullback at some point soon, considering how strong the run has been. But that doesn't mean selling your bags; it's just natural to get higher after pulling such a massive move. We're not confident as to when this pullback will come, and it's important to state that. Congratulations to all those who have held SPX.Recommended from Cryptonary
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