IMO the most likely path is the one highlighted in red. But something I've noticed is that there has been a lot of impulsive buying recently which has led to those big green candles.
I personally dont have any position in this rn, so i want it to go down because I wanna go long on this.
Although there is plenty of impulsive buying (and the market seems to be in a bear market rally) I think its best to watch it closely and be skeptical because honestly too many people talking about the bear market rally and I think these guys are gonna trap us bulls.
Yeah but if this ends up closing above 200 (204-206) area then it should rally to 230 range. But im thinking itll reject 200
Also this is my first chart so lmk what u think, anything missing? Anything should be moved around? Just let me know lol thanks.
I personally dont have any position in this rn, so i want it to go down because I wanna go long on this.
Although there is plenty of impulsive buying (and the market seems to be in a bear market rally) I think its best to watch it closely and be skeptical because honestly too many people talking about the bear market rally and I think these guys are gonna trap us bulls.
Yeah but if this ends up closing above 200 (204-206) area then it should rally to 230 range. But im thinking itll reject 200
Also this is my first chart so lmk what u think, anything missing? Anything should be moved around? Just let me know lol thanks.
Comment:
Seems like my idea has played out, could see this having a pop back to 170 as its pretty over sold. Although there is still plenty of selling pressure, very apparent with those large gaps down. So I could def see this also getting sold out a bit more. Either way, entire market will probably be in a downtrend until Jan of next year.