We got the break of pattern as expected today and unfortunately for bulls, it was not direction we wanted. I personally had stop buys set over night in case the opposite happened but as stated before, these are 50/50 chances so you have your exact entries and if the bears win then no harm done. Opportunities to play oversold bounces but thus far not interested personally. Depending on bears safest entry to short in my opinion was loss of the $11652 support from the higher low on 4 hour. However if you broke it down to 2 hour or hourly chart then there was a safe entry at $11750 to also short which gave a nice 4% return in a couple of minutes for bears or they are just sitting very comfortably in position now with stop losses at or near break even.
Bears crashed through the 3 most recent higher lows (now made dashed lines for clarity) and bounced off the final support from this pattern we have. Personally am expecting this final support to eventually cave and bears managing to get price down at or below $11k. So $11,170 is the low to watch from todays drop (essentially the double bottom from the $11,187 highlighted days ago). Bulls giving the typical bounce here but nothing too impressive and just cooling off lower time frames RSIs and allowing for a lower high to be established and bears to hop back in is my expectation. So continuing to sit comfortably in all cash for my trading position and will await next setup (ideally an oversold bounce play with a drop under $11k). If bears are unsuccessful then will patiently wait for next setup the charts give. Patience.
Just My 2 Sats
Bears crashed through the 3 most recent higher lows (now made dashed lines for clarity) and bounced off the final support from this pattern we have. Personally am expecting this final support to eventually cave and bears managing to get price down at or below $11k. So $11,170 is the low to watch from todays drop (essentially the double bottom from the $11,187 highlighted days ago). Bulls giving the typical bounce here but nothing too impressive and just cooling off lower time frames RSIs and allowing for a lower high to be established and bears to hop back in is my expectation. So continuing to sit comfortably in all cash for my trading position and will await next setup (ideally an oversold bounce play with a drop under $11k). If bears are unsuccessful then will patiently wait for next setup the charts give. Patience.
Just My 2 Sats
