A quick look at the long-term trend on the daily.
While we had a decent rally as of late, I am not yet convinced that the bottom is in. In order to reverse the longer term downtrend will need to see the daily make higher lows. If we close below the must hold level, it would be pretty telling that we are still in a bear trend. Additionally, I believe the 8k has become the near term psychological level to look out for. Sentiment will likely start to turn negative again and many bulls will do a 180 and become bears if we breach that level.
Personally, I am currently still bear. In fact, it wouldn't surprise me at all if we revisited the previous lows within the next week or two. The now inevitable death cross will probably make rounds in the headlines and provide further down pressure to the price. The 200 daily MA have also proven to be strong resistance to break and currently both TA and sentiment doesn't give me any confidence that the bulls have enough momentum to break that level. Hence, barring significant positive news I believe we will not be seeing price break $9,150 anytime soon.
Currently, I have an active short call that's been playing out perfectly. Here is the link if you like to follow the trade (
), I will provide updates for it through the week.
While we had a decent rally as of late, I am not yet convinced that the bottom is in. In order to reverse the longer term downtrend will need to see the daily make higher lows. If we close below the must hold level, it would be pretty telling that we are still in a bear trend. Additionally, I believe the 8k has become the near term psychological level to look out for. Sentiment will likely start to turn negative again and many bulls will do a 180 and become bears if we breach that level.
Personally, I am currently still bear. In fact, it wouldn't surprise me at all if we revisited the previous lows within the next week or two. The now inevitable death cross will probably make rounds in the headlines and provide further down pressure to the price. The 200 daily MA have also proven to be strong resistance to break and currently both TA and sentiment doesn't give me any confidence that the bulls have enough momentum to break that level. Hence, barring significant positive news I believe we will not be seeing price break $9,150 anytime soon.
Currently, I have an active short call that's been playing out perfectly. Here is the link if you like to follow the trade (
