Self-explanatory short. This center-line has served fairly well. Note how price usually never stays exactly on the line but fluctuates back-and-forth on either side. Center-lines can be thought of as picket fences in that sense.
In light of the current considerable downward momentum, I suspect price will simply come up for a final touch of this line, but fail to get onto the other side of the "fence". If it does, stops do not need to be far above 550.
Comments
CryptoBanker
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This may take some time to play out indeed, especially if we get low-volume weekend conditions. Not unheard of. But then again, weekend crashes are no rarity either... staying alert! Stops above 560 if I enter shorts near the center line.
FrancisKim1
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+1. Thanks.
DanLaffas
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Agree with both of you CryptoBanker and FrancisKim. I give it a day or so before heading south again.
FrancisKim1
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Right at this moment though, going long is probably a tough call. Good thing I entered near the floor. I actually think even for the next week, there could be an upward trend. The Chinese have just over 2 weeks to trade - they'll keep playing the game.
DanLaffas
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Yeah, it's not enough room for a long from here. I still have 1/3 of my short from $600 left open. I'll just add to it as we round out the top of this move over the coming days and ride it back down
FrancisKim1
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well short if you are looking at the next week but probably a long in the next 24 hours or so imho.
CryptoBanker
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Failure to reach the center line one more time would be even more bearish but could pose problems for finding a low-risk short entry.