Don't Fall into the BULL TRAP - the dump will continue..
Updated
We've rallied a bit up from our lows, and back up above 7k. It's good to see the bull's are still there.. but don't be fooled. It's very common to see a weekend rally.. and as volume fades from the recent dump, this is almost certainly a trap the bears have laid out for the bulls.
I would consider the levels between 6500-7000+ a very high risk range to be accumulating in. As you can see from the charts, with how bearish we've been the past few weeks, the 20/50 EMA is quickly closing in on us. The rally to 7k was rejected even before we completely reached the 20 EMA. Consider waiting until we reach key breaking points like 6000, or above the 20 or 50 EMA before layering out some bids.
I'll keep you guys updated.. protect your capital at all costs in these times of uncertainty!
You're responsible for your own choices, this is my own personal analysis and there are always risks involved. I try to lay out the potential risk:reward in the near future for entertainment purposes only.
gl;hf
I would consider the levels between 6500-7000+ a very high risk range to be accumulating in. As you can see from the charts, with how bearish we've been the past few weeks, the 20/50 EMA is quickly closing in on us. The rally to 7k was rejected even before we completely reached the 20 EMA. Consider waiting until we reach key breaking points like 6000, or above the 20 or 50 EMA before layering out some bids.
I'll keep you guys updated.. protect your capital at all costs in these times of uncertainty!
You're responsible for your own choices, this is my own personal analysis and there are always risks involved. I try to lay out the potential risk:reward in the near future for entertainment purposes only.
gl;hf
Note
Happy Easter folks! No new ideas or today, as we're still within the same range as we have been for the past couple days. The bull trap came into full effect this morning, as we broke down all the way to 6400. We've popped a bit back up, and if we keep going like this, the bulls will soon run out of steam. We're now making lower lows and lower highs, and the EMA is pushing right against our heads at this point.Expect a big break down sometime next week! Looking forward to seeing you guys at the bottom.
Note
Interestingly enough, we are getting quite a bit of buy action in our volume. We've spiked back up to the 6900 level, but once again hit resistance at the EMA. We are forming somewhat of a bull flag here, and it will be interesting to see if the BEARS have really run out of steam.The possibility of our 6000 level not being reached might actually be a thing. Although, I see it as almost inevitable in the near future, it might actually just take longer to get there.
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