Crack in the floor, potential down to 12.5k?
Bears have been reaching targets and finally breaking the low end of the floor (33k) for the first time since 2020.
I am still very bearish with a potential all the way down to 12.5k. The only major hurdle in the way is the potential 20k line (not shown as it is over 4 years ago and unknown if still relevant).
However we are at a battlegrounds line as it is - 29k. It could rebound here and enter into neutral territory. It could also just as easily rebound and crash back down further with the volatility. I personally will be staying away from Longs and the bulls until I see a more decisive flip. Even if we reach past the neutral zone, it will still take convincing as volatility in the short term would be very high.
I am still very bearish with a potential all the way down to 12.5k. The only major hurdle in the way is the potential 20k line (not shown as it is over 4 years ago and unknown if still relevant).
However we are at a battlegrounds line as it is - 29k. It could rebound here and enter into neutral territory. It could also just as easily rebound and crash back down further with the volatility. I personally will be staying away from Longs and the bulls until I see a more decisive flip. Even if we reach past the neutral zone, it will still take convincing as volatility in the short term would be very high.
Trade closed manually:
The crash did not quite reach 12.5k as predicted. However, it did crash from 29k to 18k, now 19k - nearly 33% short gains. I recommend taking short profits and re-evaluating the next strategy. My next prediction will be up soon.
