So as we perfectly saw, making false breakouts is the game that the whales love to play on the market every time there is an opportunity. What it seemed to be an ABC correction up to around 3800 has become a perfect bear flag that very soon will break down liquidating the longs of the one who thought the price is making a text book correction. Normally during the weekends nothing happens, but a couple of weeks ago we had a nice dump on Saturday night, and seems that today we will have the same pattern.
For those trading the bear market, a short entry around 3400 with a SL above 3620 has the chances of making a decent profit, since the next volume profile comes at around 2900. The risk/reward is good, so I just placed my short and I´ll add more once we break 3200 mark. A big buy volume from 2900 is very likely, however the whales may play a couple of games here, which is not letting the price touch the 2900 and pump it with a high volume, or drop it further between 2600 and 2900. Both scenarios are possible, so entering long from 3k and placing buy orders until 2600 makes sense to play this next drop.
For those trading the bear market, a short entry around 3400 with a SL above 3620 has the chances of making a decent profit, since the next volume profile comes at around 2900. The risk/reward is good, so I just placed my short and I´ll add more once we break 3200 mark. A big buy volume from 2900 is very likely, however the whales may play a couple of games here, which is not letting the price touch the 2900 and pump it with a high volume, or drop it further between 2600 and 2900. Both scenarios are possible, so entering long from 3k and placing buy orders until 2600 makes sense to play this next drop.
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The price just break down the support of the triangle at 4000. Looking very bearish now, I´m expecting the hard dump in a couple of hours.
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Wow, that was a hell of a short squeeze, total manipulated. I just increased the size of my short at 3600.
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Ok I took profit from my last entry at 3600 and closed positions at 3500, my entry was at 3450, so I made a bit of profit. Things now looks weird, there is a bull flag while the price is making a bart move. It may be that the whales didn´t let the price drop to 3k where everybody had their buy orders, so this could be the beginning of a wave 4.
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While the main channel remain intact, there is an upward channel that need to be broken to confirm the resume of the downtrend.
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Seems that the channel could get broken in about 1 hour.
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There is a relevant resistance at 3700. I don´t think the bulls will be able to break it up, and because the price is still inside of the uptrend channel, I guess than in less than 5 hours the dump should start.
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So the bulls couldn´t break the resistance and the downtrend channel is intact. I keep a short position sin 3650, lowered the SL to 3630. Let´s say how this play out, but seems that there is not much room to go up now.