Just publishing to look back at, I see that a lot of retail people are stuck on shorting on auto-pilot since the last rally to 7.4k and break of 6000, and market movers are capitalising on that. I would never have guessed 2 weeks ago, but this could very likely reach 5800-6000 in a wick. Although there's a lot of bullish presence and every dip is being bought up, they could pull the rug anytime so you can't really enter long right here unless you are monitoring a 5350 break. A lot of supply has been absorbed above 5000 and basically nobody is selling spot at the moment, and whoever is shorting is day by day going underwater.
I can see 3 scenarios playing out
1. Fake-out 5350 break and dump to 4650-4800
2. Break 5350 with next target being at least 5550 and most probably wick to 5750
3. Retrace from here to 5000-4850 to fill CME gaps, although this seems the most unlikely at the moment.
I can see 3 scenarios playing out
1. Fake-out 5350 break and dump to 4650-4800
2. Break 5350 with next target being at least 5550 and most probably wick to 5750
3. Retrace from here to 5000-4850 to fill CME gaps, although this seems the most unlikely at the moment.
Note
Note
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yeah this didn't age well
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.