This is a very small update after the flashdip and flashpump.
Put into one sentence: Nothing has changed, everything is still in play from the previous post.
The longer and more precise version:
We dipped to the "support line of hope" (previous post) and we have fallen below it, even below the risky buying area of $9150 (brighter green support line, which I made thicker in this post).
This created a lot of liquidity causing a direct pump. The pump went a little above 9.5k (the area which is crucial to break to lead us to 9.8k) and got directly rejected by the bears.
Right now we are still below 9.5k, we haven't touched 9.8k and the "support line of hope" got weaker. The only reason we could see a bounce, is to get out of the oversold territory so we have enough force dump even further.
This "pump" will look like a breakout of the wedge, then, when it dips, people will think it's just a retest of the wedge's trendline and then it will keep dumping in one big red candle.
Nothing has changed, only that the volatility increased to hit the stopp losses of the longers and shorters with leverage.
The next move will be explosive and the probability that it will go down is higher in my opinion, but this is no financial advice.
The purpose of this analysis is to help you make the right decision based on your own point of view and help you decide easier and manage your risk to save money.
Put into one sentence: Nothing has changed, everything is still in play from the previous post.
The longer and more precise version:
We dipped to the "support line of hope" (previous post) and we have fallen below it, even below the risky buying area of $9150 (brighter green support line, which I made thicker in this post).
This created a lot of liquidity causing a direct pump. The pump went a little above 9.5k (the area which is crucial to break to lead us to 9.8k) and got directly rejected by the bears.
Right now we are still below 9.5k, we haven't touched 9.8k and the "support line of hope" got weaker. The only reason we could see a bounce, is to get out of the oversold territory so we have enough force dump even further.
This "pump" will look like a breakout of the wedge, then, when it dips, people will think it's just a retest of the wedge's trendline and then it will keep dumping in one big red candle.
Nothing has changed, only that the volatility increased to hit the stopp losses of the longers and shorters with leverage.
The next move will be explosive and the probability that it will go down is higher in my opinion, but this is no financial advice.
The purpose of this analysis is to help you make the right decision based on your own point of view and help you decide easier and manage your risk to save money.