This morning we broke out of my no trade zone. Unfortunately it was to the downside! Breaking through $9,000 support has changed me from bullish to neutral. Nevertheless I strongly expect a bounce in the next 12- 24 hours.
We fell $400 (4.44%) in four hours and $700 (7.5%) in the last sixteen hours. Furthermore we have not see the price this far below the 12 & 26 day EMA’s since the $5900 bottom on 2-6.
Being that far out of equilibrium could provide a good opportunity to take a scalp. I am long from $8,600 with a target of $8,950. If I was bullish then I would be looking for a higher target. Since my overall position is neutral I will be exiting at the first level of resistance.
Happy trading and let’s go bulls!
We fell $400 (4.44%) in four hours and $700 (7.5%) in the last sixteen hours. Furthermore we have not see the price this far below the 12 & 26 day EMA’s since the $5900 bottom on 2-6.
Being that far out of equilibrium could provide a good opportunity to take a scalp. I am long from $8,600 with a target of $8,950. If I was bullish then I would be looking for a higher target. Since my overall position is neutral I will be exiting at the first level of resistance.
Happy trading and let’s go bulls!
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