If that was the case it would form and we may dump to 372 level.
Version 2. Gap down (378) and slow grind to 381, from there another leg down (I don't like this setup as it will put more confusion)
There is a chance it may go all the way down to next support 367 (2-3 red days) , which is major one, if that's the case I expect strong bounce and bull run to new ATH ($405)
I don't like , but its another indicator giving me higher probability of retracement.
Although market is , I think next 3 days will be red.
Why Im short term ?
15min strong divergence
High greed in the market
1h is high
Bitcoin consolidation (sometimes there is correlation:)
Dollar is bouncing from the lows
In order to have a melt up run we need to consolidate at least 3-4%
If we gap up and stay above 382 then I'll go long until it reaches 400
If you zoom out, I sketched long term prediction.
I have position in VIX ,
in case gap down I will sale it and reload on the fib .38
If we gap up I will buy more VIX
It broke 377 and bears took control.
As I said 2-3 days. depending how it closes, I expect another red day tomorrow.
Yeah, VIX is holding...
Im in UVXY
Did you enter VXX ?