So.... I bet that most of you bought in at that 9600 drop.
... Which is understandable. I did too. Then sold it when I realized I bought on emotion after checking things out further.
We are at resistance on the 100 EMA on the lower side of BB cloud. Fun fact: the last time we hit the 100 EMA from the top was back after we came crashing down from the 20k high.
Anything sounding familiar?..
I hate to be the only one saying that we will likely get to 9400. If we go below that, I do believe we will have a case for a bear market... It signals a downward wedge which is usually a reversal pattern. Meaning, if it came into the wedge from the bottom, we are going out of it from the bottom. It is the opposite of a continuation pattern.
Now if we can find traction at 9400 and the daily can confirm inside of it, that is the best case scenario currently. Everything else from a technical point of view is absolutely 100% no bueno.
I am ONLY buying in when the daily has confirmed safely on the upside of the 100 EMA.