Keeping it simple, chart pretty well sums my thoughts.
I figure it will do one of 2 things as of now....either bounce off that major daily support its at now, consolidate before crashing through towards 6k, or possibly break and hold below that support, retest it as resistance before a big crash
We shall see.
This is why i like 4hr because its nice and slow and this will probably take a few days to see its given direction of either a bounce short term bullish or a crash for a longer term bearish trade
as of now now no doubt this is a super bearish trend thats why both probabilities point towards a long term bearish move. Unless this downtrend is clearly broken and held on daily i would not be considering going long unless its to play the minor bounces in the choppiness that occurs. Even then, make sure stops are in place.
I figure it will do one of 2 things as of now....either bounce off that major daily support its at now, consolidate before crashing through towards 6k, or possibly break and hold below that support, retest it as resistance before a big crash
We shall see.
This is why i like 4hr because its nice and slow and this will probably take a few days to see its given direction of either a bounce short term bullish or a crash for a longer term bearish trade
as of now now no doubt this is a super bearish trend thats why both probabilities point towards a long term bearish move. Unless this downtrend is clearly broken and held on daily i would not be considering going long unless its to play the minor bounces in the choppiness that occurs. Even then, make sure stops are in place.