This chart and analysis is mainly based on speculation, just like many other charts where so called experts claim they are sure of the outcome. Speculation doesn't mean there's no reason or logic behind it, but besides whatever lines and indicators you use, experience, gut feeling, market conditions and many other come at play whenever traders analyse a chart. Or at least, it is in my case.
Anyway, it was not shocking that we couldn't close above $10500, and that was certainly intentional, because the only thing we know for sure at the moment is that technically, we're not on a bullish market until we close above $10500. The "Illuminati" seems to have a different plan.
Now, I'm sure there are many big traders who are on the bullish side, and most likely, who don't want to lose money, so at attempt to bounce and cross over to the "touchdown" zone will be made. Who knows, perhaps it will even happen and many Twitter perma-bulls will welcome very much, then they will post "I told you so". But I feel (and notice I'm using the word "feel") we are probably going to go down before continue going up. For me, it was the clear effort to keep the market in the "not bullish yet" zone what is making me feel that.
What we need to do is follow the price action that the different key levels. I believe we'll break down a few support zones and will probably bounce back up between $7500 to $8000, which is an area where several horizontal and diagonal support levels coincide. It won't happen right away, of course, although that would be nice.
I do not discount the possibility to go below my target, it could go a lot lower and take a lot longer to recover, but let's just hope it doesn't
That's it for now, stay safe!
Cheers!
Anyway, it was not shocking that we couldn't close above $10500, and that was certainly intentional, because the only thing we know for sure at the moment is that technically, we're not on a bullish market until we close above $10500. The "Illuminati" seems to have a different plan.
Now, I'm sure there are many big traders who are on the bullish side, and most likely, who don't want to lose money, so at attempt to bounce and cross over to the "touchdown" zone will be made. Who knows, perhaps it will even happen and many Twitter perma-bulls will welcome very much, then they will post "I told you so". But I feel (and notice I'm using the word "feel") we are probably going to go down before continue going up. For me, it was the clear effort to keep the market in the "not bullish yet" zone what is making me feel that.
What we need to do is follow the price action that the different key levels. I believe we'll break down a few support zones and will probably bounce back up between $7500 to $8000, which is an area where several horizontal and diagonal support levels coincide. It won't happen right away, of course, although that would be nice.
I do not discount the possibility to go below my target, it could go a lot lower and take a lot longer to recover, but let's just hope it doesn't
That's it for now, stay safe!
Cheers!
