Strongest resist ever formed? ultra bear market
So here we created yet another expected dump, lets see where we are now?
1. TA:
* We entered the 1h red cloud, its top edge is: 7800
* We are going towards a very strong zone levels: 7680-7800, these were tested 5 times as support levels before broke down, usually retracement goes back to test these levels, but usually also fails as the strong support levels tend to turn into strong resist levels...
* daily MAs 50 and 200 death crossed each other while both directions were going down, this is a very strong bearish sign, today-tomorow the E's will follow which will confirm this bear market for long while (Can even take a whole year from now to start recover)...
* We are testing the 21e on 4h, we might have enough power to push through it, but it will be much much harder to do the same with the 50e, everytime we went temporarily above it we went back down, right now it's on 7860, I don't think we can pass it, we gonna wait for a while for it to drop below the 7800 before spikes might try to test it out (Which I doubt we could suppress it as too many resistances already formed at this level)..
* We might be forming a channel here? this channel can lead the price action until the response of bloody Monday to the 4h red cloud (Another very big resistance)...
* We are going down (as expected) towards the 0.7' retracement fib since bull run started on 2nd trend line (Or using the 0.6' retracement fib levels as strong resistance since the 3rd trend line)..
* And we are on our way to the 2nd trend line levels (6500-7000) since the bull run started...
We have room to correct towards the strong resistances to 7800, but I don't expect to surpress it unless we have strong buying power volume again to confirm....
So I keep laddering shorts and keep my bearish bias as usual (Since we hit the 12-14k levels)....
1. TA:
* We entered the 1h red cloud, its top edge is: 7800
* We are going towards a very strong zone levels: 7680-7800, these were tested 5 times as support levels before broke down, usually retracement goes back to test these levels, but usually also fails as the strong support levels tend to turn into strong resist levels...
* daily MAs 50 and 200 death crossed each other while both directions were going down, this is a very strong bearish sign, today-tomorow the E's will follow which will confirm this bear market for long while (Can even take a whole year from now to start recover)...
* We are testing the 21e on 4h, we might have enough power to push through it, but it will be much much harder to do the same with the 50e, everytime we went temporarily above it we went back down, right now it's on 7860, I don't think we can pass it, we gonna wait for a while for it to drop below the 7800 before spikes might try to test it out (Which I doubt we could suppress it as too many resistances already formed at this level)..
* We might be forming a channel here? this channel can lead the price action until the response of bloody Monday to the 4h red cloud (Another very big resistance)...
* We are going down (as expected) towards the 0.7' retracement fib since bull run started on 2nd trend line (Or using the 0.6' retracement fib levels as strong resistance since the 3rd trend line)..
* And we are on our way to the 2nd trend line levels (6500-7000) since the bull run started...
We have room to correct towards the strong resistances to 7800, but I don't expect to surpress it unless we have strong buying power volume again to confirm....
So I keep laddering shorts and keep my bearish bias as usual (Since we hit the 12-14k levels)....
Trade active:
#Short#CurrentPrice7640:
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#XBTUSD SHORT
Exchange: BITMEX
ENTRY: 7620-7680-7780
Take-Profit: 7264-7045-6950-6880-6840-6580
Lev.: CROSS
STOP: 7867
Small Position Size: < 5%
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