Miner Rejection



The new daily cycle for the Miners looked promising. They formed a daily cycle low on support from the 50 day MA. The Miners rallied out of that 16 day DCL and managed to tag the declining trend line on Friday.



The Miners were rejected by the declining trend line today in a clear and convincing manner. The Miners formed a swing high and now are on the verge of forming a failed daily cycle. Should the Miners lose the 50 day MA, currently at 20.61, it will likely mean a failed daily cycle will shortly follow. A break below 20.21 forms a failed daily cycle and a continuation of the intermediate cycle decline.


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