Maybe. But I won't be buying it.
I think its highly likely that price will bounce off these levels. But catching falling knives isn't my idea of trading, so instead I'll be waiting.
If price does bounce, I think a move back to 35700 is possible. And its at this level that I'm keen on the short.
Alternatively, if price starts closing below 31000 on a weekly time frame, all bets are off and we look to 27500 for support.
I think its highly likely that price will bounce off these levels. But catching falling knives isn't my idea of trading, so instead I'll be waiting.
If price does bounce, I think a move back to 35700 is possible. And its at this level that I'm keen on the short.
Alternatively, if price starts closing below 31000 on a weekly time frame, all bets are off and we look to 27500 for support.
Trade closed: target reached