No trade zone for now but I think we might drop a fair bit to $5500.
Comment:
So the drop has begun. Broke through a few major supports this morning and is now trading below. We're in the orange region now. The last two times when in a similar position we dropped a long way and made a new low. So potential breaking of $5800 on the cards.
Comment:
Spotted something interesting.
Was looking at the bigger picture this morning and there seems to be something important about this trendline. For almost 4 months it has been support and resistance very often. Most of the time, if we go below it becomes resistance and if we go above it becomes support. Maybe a coincidence but the price seems to be attracted to it.
Last two months:
Was looking at the bigger picture this morning and there seems to be something important about this trendline. For almost 4 months it has been support and resistance very often. Most of the time, if we go below it becomes resistance and if we go above it becomes support. Maybe a coincidence but the price seems to be attracted to it.
Last two months:
However there are some similarities in price action to previous areas. Yellow regions are similar and we could fall after a bit more sideways. Also, if you ignore the Bart in blue, the entire price action for the last 3 weeks looks very similar to the previous area. So there could be a massive bull trap being set up again.