SLOPE GOING LESS STEEP - FOUND STRONG BOTTOM - BMMJ - 30MN
The price has been going down following repeated patterns of small recovery and dramatic fall following.
The hope is in the angle of the slope which is less steep.
We have seen a big fight between people coming in to buy and strong sellers having the hand on this market. Isn't it normal to expect people taking their profits when this market have seen a super increase in the past.
So lots of squeezes, up and down, tracing some new patterns.
Now the market has found a strong support at the red line. Repeatedly failed to break it.
Lately again buyers have been squeezed, but we have seen that the market responded when it can across the blue downtrend line to rebound on it with huge volume supporting this spring effect.
This analysis reveals a zone illustrated by the red rectangle corresponding to the beginning of October (2 first weeks).
There is strong possibility to see the market coming again to test this blue downtrend line again.
The red line might be tested as well, and you know that from there, there probability to have good long entry point.
There is a black dotted line on the top, there is less probability to see the market going over this line at the moment, but if it does, there is possibility to see some sign of recovery/reversal
My view on this market.
The hope is in the angle of the slope which is less steep.
We have seen a big fight between people coming in to buy and strong sellers having the hand on this market. Isn't it normal to expect people taking their profits when this market have seen a super increase in the past.
So lots of squeezes, up and down, tracing some new patterns.
Now the market has found a strong support at the red line. Repeatedly failed to break it.
Lately again buyers have been squeezed, but we have seen that the market responded when it can across the blue downtrend line to rebound on it with huge volume supporting this spring effect.
This analysis reveals a zone illustrated by the red rectangle corresponding to the beginning of October (2 first weeks).
There is strong possibility to see the market coming again to test this blue downtrend line again.
The red line might be tested as well, and you know that from there, there probability to have good long entry point.
There is a black dotted line on the top, there is less probability to see the market going over this line at the moment, but if it does, there is possibility to see some sign of recovery/reversal
My view on this market.