return to down channel
Updated
as you can see, we dropped out of the up channel we had been in when we broke the larger down channel about a week ago. we crossed the little no man's land in between and have now been lingering inside the down channel we left. we are still in a position to push back out again, which would be a strong signal there are still some bulls around. however, this n00b thinks it would be wise to either wait for a drop below 9k or a healthy push back up before taking any big positions at the moment.
Note
we have bounced off of what is the approximate .786 fib line when drawn from the all time high to the crash at 6k. we are resting at the support we had 2 weeks ago before we began the previous climb. if this support does not hold, expect a big drop and be on the lookout for a good shorting entry - they may go quick.
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