The bottom should be very close now in my opinion, the speed of this selloff also indicates it cannot continue for long without some consolidation or bounce.
Still we see very bearish price action with the last lows continually being retested after which they fail.
Changes are therefore still in favor of the bears here which is why I am still shorting the waves down as regular Elephant waves until we stop making lower lows.
(So now, we wait for a break of the last low, that will be a signal to short more)
The 55MA can be a good indicator for signs of reversal or bounce, open a 1HR chart and set the candles to Heikin Ashi for an easy view of the resistance as price keeps trending below it for now.
If we see the price breakup, we can use the new elephant wave up to see where its a good risk reward ratio to buy the dip as we will most likely see a retrace before reaching 5.5k again.
Be prepared for the volatility to come back at the break.
Still we see very bearish price action with the last lows continually being retested after which they fail.
Changes are therefore still in favor of the bears here which is why I am still shorting the waves down as regular Elephant waves until we stop making lower lows.
(So now, we wait for a break of the last low, that will be a signal to short more)
The 55MA can be a good indicator for signs of reversal or bounce, open a 1HR chart and set the candles to Heikin Ashi for an easy view of the resistance as price keeps trending below it for now.
If we see the price breakup, we can use the new elephant wave up to see where its a good risk reward ratio to buy the dip as we will most likely see a retrace before reaching 5.5k again.
Be prepared for the volatility to come back at the break.
Comment:
Profit is in and we have a nice position secured. Currently fighting resistance, lets see if we can make it past.
