Celsius - sellers cranking up the temperature
Bears remain in control of Celsius. I did warn this could result in a catastrophic sell off if the bounce failed, which it did. The writing was on the wall for the following reasons:
- textbook double top pattern marking the peak of the super cycle.
- lost the 50 and 100 SMA on the weekly
- failed to recapture the 0.2336 Fib during its retrace.
- lost the $50 level, which is an important psychological level for the bulls.
- potentially in wave 3 of 5 of the corrective pattern.
Possible level of support is the 200SMA, which lines up with the gap fill area marked on the chart. Not financial advice, just telling you what I see on the charts and it doesn’t look pretty.
- textbook double top pattern marking the peak of the super cycle.
- lost the 50 and 100 SMA on the weekly
- failed to recapture the 0.2336 Fib during its retrace.
- lost the $50 level, which is an important psychological level for the bulls.
- potentially in wave 3 of 5 of the corrective pattern.
Possible level of support is the 200SMA, which lines up with the gap fill area marked on the chart. Not financial advice, just telling you what I see on the charts and it doesn’t look pretty.
Trade closed: target reached
Short closed. Looking for potential long positions now.
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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.