*Update from previous charts*
Seems long that previous sell off with bearish volume we have been suffering from today and all day yesterday. As you can see the pump by the bulls to push us back up into the bearish wedge which failed numerous time now and was strongly rejected recently. (BULLS TRAPPED margin longed)
Previous targets are still the same. We saw a strong price rejection above $6800 and weakening support at $6700 until it has now been broken all the way to support around $6550. We have some weak buy volume testing the support here. Would be a risky long I entered a scalp on a long at 6567. If this deep sell off the pain as only started on the 4 hour.
When I look at RSI and MACD levels and progression on 1H, 4H and Daily and other things like the Rising Wedge and bear falg -2.76% -2.76% -2.76% and a few other things I would say it would be very possible to see a pullback and break down through the Rising Wedge to a 50-61.8 Fib Retracement.
I would be looking for the first pull back to around $6,400 and then 6,270 before confirming anything deeper. As always we have to wait and see what the market makers have in store for us in these situations. As always be ready to play the market both ways whatever the market markers throw at us and beat them at their own game.
SHORT. Support broke. Sell off started. Targets marked
Seems long that previous sell off with bearish volume we have been suffering from today and all day yesterday. As you can see the pump by the bulls to push us back up into the bearish wedge which failed numerous time now and was strongly rejected recently. (BULLS TRAPPED margin longed)
Previous targets are still the same. We saw a strong price rejection above $6800 and weakening support at $6700 until it has now been broken all the way to support around $6550. We have some weak buy volume testing the support here. Would be a risky long I entered a scalp on a long at 6567. If this deep sell off the pain as only started on the 4 hour.
When I look at RSI and MACD levels and progression on 1H, 4H and Daily and other things like the Rising Wedge and bear falg -2.76% -2.76% -2.76% and a few other things I would say it would be very possible to see a pullback and break down through the Rising Wedge to a 50-61.8 Fib Retracement.
I would be looking for the first pull back to around $6,400 and then 6,270 before confirming anything deeper. As always we have to wait and see what the market makers have in store for us in these situations. As always be ready to play the market both ways whatever the market markers throw at us and beat them at their own game.
SHORT. Support broke. Sell off started. Targets marked
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Disclaimer
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.