I believe we are in a prolonged, multi-asset bear market. With that said we have not had a significant retracement for months. We are overdue both in time and price.
A break of the recent lows will do the following: 1. Stop out any currently accumulating bullish positions with stop losses 2. Trigger entries for short sellers expecting a larger downside move (creating liquidity above for buyers) 3. Increase overall fear, making it difficult for retail to buy
To me it looks like a perfect storm for price to catapult up to .60+ at which point I would highly recommend taking profits as the aforementioned bear market has not yet ended.
I have to agree on this one. This looks like a bull run but its just at the wrong time. The market has been hit bad as it is with reds all over crypto, ETFs and traditional stocks. A bull like this in a bull market is an instant buy, but a bull in a bear market; that's just too much of a gamble.
SwallowPremium
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Great insight, keep them coming!
etawong85
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Just like most people didn't see the peek of the bull coming, most people won't see the bottom coming. Maybe it's here already.