These kinds of setups are the reason some people here manage to not make any money on dead-simple trends like this recent drop :p
Yet agreed on the interim bottom, would make sure to take profits on strong fibo resistances though. Looking at various volume indicators you cannot spot any mid- to long-term divergences at this bottom, $266 is inevitable if you want the big risk-managing money to hop on the crypto train again.
ChartArt
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My charts are not investment advice, only ideas to consider :)
I agree that I need to see a strong demand here. But this bounce around 380-390 is so far stronger than the last smaller ones since we dropped below $450. I also agree that something like $266 can happen as I show here:
There's a decent chance that early institutional investors in BABA will be liquidating on the secondary market after their 30+% take on BABA and put it right back in BTC. Which would be nice.
Yet agreed on the interim bottom, would make sure to take profits on strong fibo resistances though. Looking at various volume indicators you cannot spot any mid- to long-term divergences at this bottom, $266 is inevitable if you want the big risk-managing money to hop on the crypto train again.