Understanding Structure is key, where did bullish impulses start, where do we want to buy and where to sell. Be strict, we are in a bearmarket, take good stops and good luck! Trading the white lines for scalps is great!
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If 6000 fails, 5353 is important level to hold, if not next (weak) support is at 4800/4500, strong support at 4140/3600/3000. 3000 looks like a very obvious buy if hit.
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Resistance-wise we have to break above 7800 to turn bull.
There’s no way we’re going to $3,000 lol These people I swear.
MidasTouchTrading
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@WinstonWolf, Quite a lot of good news coming out for an 85% decline from ATH...
tviewcrau
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@WinstonWolf, haha, you're the same as the people from last year who thought there was no way we were going up to $16000 lol.
Victorwu88
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3000$? I think that's in your dream!
TheTrex
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@Victorwu88, I'm not claiming we will these are all potential targets. After all its a game of probability and not exact prediction
roaken
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Hmm... I think you have it backwards. Trading rules state that previous highs of structures act as support while previous lows act as resistance. Not to say that the market wont react to previous lows, but this is in a wedge pattern consolidation not a spring situation. I'm looking at 5k as support, as most other traders are as well.