📍 This chart demonstrates how sellers are now stepping in to defend the previous support which becomes resistance and how those buyers stepping against the current should be punished.
The lust for continuation down is greater than many expect at first glance.
With the retreat already underway, sellers are threatening for another -10% leg lower towards the $16,200 minor support structure. Buyers have managed to bottle up a lot of momentum in the initial covid leg and at the same time governments are getting more aggressive on the digital currency side.
Here we can see how the long road turned to joy after a breakout on the log chart:
The swing down, demands protection of $18,500 with sufficient preparation already done at the highs, play with that in mind. Because of the battlefield being so open, the attack on the lows should be clean and fast.
Thanks as usual for keeping the feedback coming 👍 or 👎
The lust for continuation down is greater than many expect at first glance.
With the retreat already underway, sellers are threatening for another -10% leg lower towards the $16,200 minor support structure. Buyers have managed to bottle up a lot of momentum in the initial covid leg and at the same time governments are getting more aggressive on the digital currency side.
Here we can see how the long road turned to joy after a breakout on the log chart:
The swing down, demands protection of $18,500 with sufficient preparation already done at the highs, play with that in mind. Because of the battlefield being so open, the attack on the lows should be clean and fast.
Thanks as usual for keeping the feedback coming 👍 or 👎
Comment:
A quick chart update here while we wait for the action...
