There has already been a lot of Short liquidation, today we had a Bear trap that can lead to even more Short liquidated
I expect things to change as we approach the 37k-37.5k level which would make a great Bull trap if there is enough FOMO around
The first target would be 35.5k as there is a high volume over there, the next target 31k-33k.
Remember that we are at the top of the triangle where there will be a lot of FOMO as to liquidate as many longs as possible in the next movement down
If else we see a breakout of the current high, we could expect to go long after a retracement from the breakout
Trade carefully and don't long at the top, at least wait for a retracement
I expect things to change as we approach the 37k-37.5k level which would make a great Bull trap if there is enough FOMO around
The first target would be 35.5k as there is a high volume over there, the next target 31k-33k.
Remember that we are at the top of the triangle where there will be a lot of FOMO as to liquidate as many longs as possible in the next movement down
If else we see a breakout of the current high, we could expect to go long after a retracement from the breakout
Trade carefully and don't long at the top, at least wait for a retracement
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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.
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.