Bearish Reversal or Bullish Continuation?

3 Nov

Using a trendline on the close of the weekly candles we can see a clear breakout. While price has broken out of the downtrend line, price is facing residence exactly at the previous high and a giant bearish weekly candle is printing. I’m 50/50 right now. This weekly candle can be the beginning of a very ugly bear market, but at the same time we cannot neglect the fact that price has broken out of the downtrend and this may be a retrace for a retest on the weekly chart.