Hey! Sorry I have been away for so long but been dealing with family things.
Three scenarios on the chart.
Chart is a bit messy but you get the jist. Personally would loooooooooooooove the 'red' arrow scenario to play out. If anyone out there remembers the 2017 bull run, the 100EMA retrace buys were GOD MODE entries. You made a killing buying at that level. Looking back I think there were around 4 of these in 2017 during the ATH run up. There is MASSIVE support around mid 8000s level combined with the last remaining futures gap and so far we havent tested this level.
I would take the 'orange line' scenario as well....a double bottom. But would scale out at 12k.
My least favourite scenario is actually the most bullish one....'blue line'. IMHO anywhare close to 12k would lead to major price reversal.
At this stage its impossible to know which will play out. For me even on the daily PA is bearish. 5EMA under 20EMA, vol sell showing SELL, parabolic SAR SELL, renko SELL.
I am back now and will try to provide regular updates. Stay safe out there and remember ADYOR!
Three scenarios on the chart.
Chart is a bit messy but you get the jist. Personally would loooooooooooooove the 'red' arrow scenario to play out. If anyone out there remembers the 2017 bull run, the 100EMA retrace buys were GOD MODE entries. You made a killing buying at that level. Looking back I think there were around 4 of these in 2017 during the ATH run up. There is MASSIVE support around mid 8000s level combined with the last remaining futures gap and so far we havent tested this level.
I would take the 'orange line' scenario as well....a double bottom. But would scale out at 12k.
My least favourite scenario is actually the most bullish one....'blue line'. IMHO anywhare close to 12k would lead to major price reversal.
At this stage its impossible to know which will play out. For me even on the daily PA is bearish. 5EMA under 20EMA, vol sell showing SELL, parabolic SAR SELL, renko SELL.
I am back now and will try to provide regular updates. Stay safe out there and remember ADYOR!
Comment:
So I think its safe to say that the 'blue' scenario can now be ruled out. GREAT news
Comment:
So after 5 days we are back to the July 17 price level. Right on the big FIB from ATHs represented by the black horizontal line. So the yellow/orange arrow scenario is still in play.
Could it hold this level and make a meaningful move up? Sure. As well as a higher low this also could be interpreted as a double bottom formation. Aggressive traders could take positions here expection price to go up.
I still favour a move into the mid 8000's though. Will post more once we have the weekly close.
Could it hold this level and make a meaningful move up? Sure. As well as a higher low this also could be interpreted as a double bottom formation. Aggressive traders could take positions here expection price to go up.
I still favour a move into the mid 8000's though. Will post more once we have the weekly close.