Hello everyone !
As i said, when my targets were met i would go back and look at the chart again to reevaluate the situation. Anyone who took a long position right inside my zone should still be careful as we still have a possibility of more decline ahead of us, so manage your risks.
Let's tackle my previous post and try to make a more in depth read on the current price action and talk about my last suggestion for a long entry.
Looking at my previous chart we saw the following.
A) We made the jump as i predicted from the "breakout zone, and it got rejected down as expected and pierced the support it previously bounced off.
B) We got a smaller bounce off the second support right below it.
C) However, it did not get far and almost instantly got rejected down to my long entry zone.
This was exactly how i expected and predicted it to play out, the problem for me was the pace and the volume behind it.
As you can see in this chart, the steepest drop we got was the one touching the purple trendline, which extends far back which was the bottom of my entry zone in my last post.
But I must say that I'm not entierly sure that it's going to hold, however we could definitly see a surge to the yellow dashed roof before further decline, but resistance has been building up there while we were fighting to maintain what we have so the chances are getting slimmer as we are riding on bearish waves down now.
Based of long term trendlines, and fibonacci retracements/resistances i have found a hotspot which is very appealing and carries less and is more precise.
500€ is the place, however, the effect of reaching that exact price, could also accelerate selling further, but who knows the exact bottom anyway?
Chances are that your order at a exact of 500 won't get filled though. But lets see exciting times ahead!
My call on the bottom:
Absurdly low: 465-480 (Close to double bottom before we got the large bounce which we're falling off of now).
Realistic 495-515
Or - Did we hit the bottom? :)
As i said, when my targets were met i would go back and look at the chart again to reevaluate the situation. Anyone who took a long position right inside my zone should still be careful as we still have a possibility of more decline ahead of us, so manage your risks.
Let's tackle my previous post and try to make a more in depth read on the current price action and talk about my last suggestion for a long entry.
Looking at my previous chart we saw the following.
A) We made the jump as i predicted from the "breakout zone, and it got rejected down as expected and pierced the support it previously bounced off.
B) We got a smaller bounce off the second support right below it.
C) However, it did not get far and almost instantly got rejected down to my long entry zone.
This was exactly how i expected and predicted it to play out, the problem for me was the pace and the volume behind it.
As you can see in this chart, the steepest drop we got was the one touching the purple trendline, which extends far back which was the bottom of my entry zone in my last post.
But I must say that I'm not entierly sure that it's going to hold, however we could definitly see a surge to the yellow dashed roof before further decline, but resistance has been building up there while we were fighting to maintain what we have so the chances are getting slimmer as we are riding on bearish waves down now.
Based of long term trendlines, and fibonacci retracements/resistances i have found a hotspot which is very appealing and carries less and is more precise.
500€ is the place, however, the effect of reaching that exact price, could also accelerate selling further, but who knows the exact bottom anyway?
Chances are that your order at a exact of 500 won't get filled though. But lets see exciting times ahead!
My call on the bottom:
Absurdly low: 465-480 (Close to double bottom before we got the large bounce which we're falling off of now).
Realistic 495-515
Or - Did we hit the bottom? :)
Comment:
This screenshot is edited, I've moved down the consolidation channel.
The red dotted line is still on the same spot from previous chart.
That line is bound to get tested now.
The red dotted line is still on the same spot from previous chart.
That line is bound to get tested now.
Will update and go in depth on why we need to observe the market a bit more right now.