Bearish sentiment here. I think that the whale responsible for the large green candle will take advantage of bull flag inflation and dump back to downward trend.
RSI is majorly oversold and looking for a cross soon. We are outside the falling trend for now but not for long.
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We've made 8000 support, I am adjusting the price at which I would buy back from a sell short to around ~7200.
Why did you write long if you're predicting price to fall?
bra1nch1ld
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@samiswilf I guess I didn't make it clear that my intention would be to go long once we are back in channel. I would expect to see resistance around 6000 and a bounce back up to 7000 in the coming weeks.
samiswilf
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@bra1nch1ld, How low do you expect we'll go? Can you tell me your thought process on how you reach your prediction?
bra1nch1ld
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@samiswilf, as time goes on and resistance is holding along the 8000 I adjust the level to which it COULD drop up slightly from 6800 to possibly 7000-7200. Look at the histogram for MACD and to oversold nature of RSI. These both indicate downtrends... at least in the short term. While the reversal of the market may be in place I don't think the current uptrend will hold with the hulk green candle.