Summary:
Bulls failed to hold above the $250 resistance level
Bears answered back with massive volume to bring price back down to 210-220 demand zone .
Price is holding just above $210.
If bulls don't enter by tomorrow the price may be pushed down to $200 level.
Analysis:
The run up to $250 occurred on weak volume and bulls failed to form a support. The massive downside volume indicates whales might have been waiting to short at $250 to initiate downside momentum. The 4 hour trend lines weren't respected as I through they would , however , it is the weekend and price moves can be very volatile so i'll take the move with a grain of salt. If bulls don't enter at the current levels bears might manage to push the price down to $200 were I believe should be strong support level based on the 50% fib, 50 period T3 and key historical level all coinciding at $200.
Thesis:
Short term outlook is neutral with an inclination towards a bounce at either:
$210
$200
Longer term outlook still bullish .
Bulls failed to hold above the $250 resistance level
Bears answered back with massive volume to bring price back down to 210-220 demand zone .
Price is holding just above $210.
If bulls don't enter by tomorrow the price may be pushed down to $200 level.
Analysis:
The run up to $250 occurred on weak volume and bulls failed to form a support. The massive downside volume indicates whales might have been waiting to short at $250 to initiate downside momentum. The 4 hour trend lines weren't respected as I through they would , however , it is the weekend and price moves can be very volatile so i'll take the move with a grain of salt. If bulls don't enter at the current levels bears might manage to push the price down to $200 were I believe should be strong support level based on the 50% fib, 50 period T3 and key historical level all coinciding at $200.
Thesis:
Short term outlook is neutral with an inclination towards a bounce at either:
$210
$200
Longer term outlook still bullish .
