Well howdy doo y’all!
I am confident that we are going to take a dip around to $6,450. I think that there will be a trampoline effect and we will rebound to around $6,900.
Why? Well I see there has been a decrease in volume over the past week. I think that the last run up was a bull trap as the volume movement was less strong than the bear movement right before it and now I think we are falling into a bear trap for the same reason. Price has continued to move lower despite the reduced volume. I think there is going to be a relatively large movement by the bulls to push back to the $7,000 range.
Going to keep a stop loss at around $6,300. Reason being that there is nothing really holding it up from dropping down to $6,000 at that point.
Remember don't drink and trade...always ask someone to hold your beer first!
((Guide
Solid Lines: High Strength Support/Resistance
Small Dotted Lines: Medium Strength Support/ Resistance
Lines with Dash Marks: Low Strength Support/ Resistance
*White Dashed Line: Weak-Ass Punk Support/ Resistance
Red circles are points of interest as they have several intersecting supports and resistances))
I am confident that we are going to take a dip around to $6,450. I think that there will be a trampoline effect and we will rebound to around $6,900.
Why? Well I see there has been a decrease in volume over the past week. I think that the last run up was a bull trap as the volume movement was less strong than the bear movement right before it and now I think we are falling into a bear trap for the same reason. Price has continued to move lower despite the reduced volume. I think there is going to be a relatively large movement by the bulls to push back to the $7,000 range.
Going to keep a stop loss at around $6,300. Reason being that there is nothing really holding it up from dropping down to $6,000 at that point.
Remember don't drink and trade...always ask someone to hold your beer first!
((Guide
Solid Lines: High Strength Support/Resistance
Small Dotted Lines: Medium Strength Support/ Resistance
Lines with Dash Marks: Low Strength Support/ Resistance
*White Dashed Line: Weak-Ass Punk Support/ Resistance
Red circles are points of interest as they have several intersecting supports and resistances))
I was active during this rally and got a piece of the pie. I decided to sell at the same target range I had already depicted, only it came sooner than expected.