Meanwhile, we saw an upward spike which purpose was to liquidate those people who held SHORT positions. This pump has perfectly reached the first resistance level which is located at the $8800 level (we wrote about this level in the previous update), after which the price fell down to the zone above the support inside the channel - $8430. However, the price was not able strong enough and this zone was broken, which is a very bearish sign.
Currently, as you can see, all the arrows on the chart are directed downward. We can expect a re-test of the $8430 level with the following decline. Targets for this dump will be $7935 & $7700 (horizontal supports). Moreover, there is descending support, which can be considered as the target as well.
Currently, as you can see, all the arrows on the chart are directed downward. We can expect a re-test of the $8430 level with the following decline. Targets for this dump will be $7935 & $7700 (horizontal supports). Moreover, there is descending support, which can be considered as the target as well.
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If we talk about probabilities, dump is in priority, as the price has broken the down-edge of the ascending channel and we saw a short squeeze spike.