Hello Traders
We just had massive drop from 48k to 39k in couple of days with a massive volume and we were able to move up ~44.5k the next day. This bounce looked like satisfactory. However I am not convinced due to low volume bounce. At this point we are still dangerously below Ema 100 and having trouble staying above. So yesterday's large green candle could be just consolidation candle!
It is too early to say but we could be in large descending triangle and we can possibly break out either direction. For me risk ratio is getting really high. Therefore I will sit on the sidelines and let the market decide it's next move. I will update this chart as we move along!
We just had massive drop from 48k to 39k in couple of days with a massive volume and we were able to move up ~44.5k the next day. This bounce looked like satisfactory. However I am not convinced due to low volume bounce. At this point we are still dangerously below Ema 100 and having trouble staying above. So yesterday's large green candle could be just consolidation candle!
It is too early to say but we could be in large descending triangle and we can possibly break out either direction. For me risk ratio is getting really high. Therefore I will sit on the sidelines and let the market decide it's next move. I will update this chart as we move along!
Comment:
Previous support turning into resistance. We need to be above 45k otherwise time is ticking.
Comment:
Well situation getting worse. If this channel holds, we still got a chance to come back but if we break this channel RIP welcome to 30K range again!
Trade active:
Looks like we are getting out of the woods. But not completely. I opened a position at mid 42k and feeling good about for now.