We bounced off of the 10k level today and the bulls cheered their victory song. We are going higher they claimed. Well, not so fast.
It looks like we had a dead cat bounce today. I give it a 60% chance we will retest 10k tomorrow and if it happens, we will either bounce off of it again or crash through it and head towards the Fib 0.382 level. Each time we hit 10k we weaken the support level. If we hit it enough times we will break through it.
We are not out of the woods yet. The daily, 4 hour and 1 hour charts are still bearish. And let's not forget that ominous doji at the top of the weekly chart that is screaming danger.
Do not go into the woods tonight because the bears are on their way to grandma's house. They won't be satisfied with a bowl of porridge.
Make sure you expect the unexpected and have your stops in place. It could get ugly out there.
This is not investment advice . Please do your own due diligence when buying or selling cryptos or when walking through the woods at night.
It looks like we had a dead cat bounce today. I give it a 60% chance we will retest 10k tomorrow and if it happens, we will either bounce off of it again or crash through it and head towards the Fib 0.382 level. Each time we hit 10k we weaken the support level. If we hit it enough times we will break through it.
We are not out of the woods yet. The daily, 4 hour and 1 hour charts are still bearish. And let's not forget that ominous doji at the top of the weekly chart that is screaming danger.
Do not go into the woods tonight because the bears are on their way to grandma's house. They won't be satisfied with a bowl of porridge.
Make sure you expect the unexpected and have your stops in place. It could get ugly out there.
This is not investment advice . Please do your own due diligence when buying or selling cryptos or when walking through the woods at night.