I'm Meeseekers, look at mee!!!
We're seeing bearish price action run up against a tested demand zone. What happens next?
- BEAR SITUATION: price chews through the established demand zone and makes decisive new lows
- NEUTRAL SITUATION: price sticks closely to this fat demand zone, fluctuating as we accumulate or mull over selling
- BULL SITUATION: price rebounds up to form a similar two peaked lower higher, as the market has down twice now
My conclusion/leanings:
While I wouldn't open new longs here, I wouldn't be selling either. Bear crowds are out in force screaming for 3k, but we still haven't made decisive new lows. Morale is low, but volume is low too. I think the bears are bluffing.
High risk longs could start accumulating here, knowing they might be averaging down their price
OR
Wait until the market starts acting up again.
*dissapears*
We're seeing bearish price action run up against a tested demand zone. What happens next?
- BEAR SITUATION: price chews through the established demand zone and makes decisive new lows
- NEUTRAL SITUATION: price sticks closely to this fat demand zone, fluctuating as we accumulate or mull over selling
- BULL SITUATION: price rebounds up to form a similar two peaked lower higher, as the market has down twice now
My conclusion/leanings:
While I wouldn't open new longs here, I wouldn't be selling either. Bear crowds are out in force screaming for 3k, but we still haven't made decisive new lows. Morale is low, but volume is low too. I think the bears are bluffing.
High risk longs could start accumulating here, knowing they might be averaging down their price
OR
Wait until the market starts acting up again.
*dissapears*
Note
Freehand drew the shape for 3 months - hit that play button
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.