Yesterday's Chinese fuckery seems similar to the one we had 10 days ago.
It's so far following the same steps in terms of retracing till the previous levels etc.
If it keeps up repeating the same pattern, it'll end up with dropping hard till the end of the previous dump.
After all, peeps will want to buy lower after the settlement so they will sell their existing longs before it
(hence pushing the prices down)
But the bull is strong, it will bounce (on the first trend line)
Right after the settlement, the bullish sentiment will push it even higher, more longs will be trapped and boom! the first long squeeze.
Not too deep though, it'll just test the second trend line (which has been long due)
Then we can expect a healthy growth from there.
A long shot I know. But hey, might just play out exactly like this.
It's so far following the same steps in terms of retracing till the previous levels etc.
If it keeps up repeating the same pattern, it'll end up with dropping hard till the end of the previous dump.
After all, peeps will want to buy lower after the settlement so they will sell their existing longs before it
(hence pushing the prices down)
But the bull is strong, it will bounce (on the first trend line)
Right after the settlement, the bullish sentiment will push it even higher, more longs will be trapped and boom! the first long squeeze.
Not too deep though, it'll just test the second trend line (which has been long due)
Then we can expect a healthy growth from there.
A long shot I know. But hey, might just play out exactly like this.