I'm expecting a much stronger reaction in the 5s. We didn't see any price reaction at all, by dipping into the low 6s and high 5s recently which makes me think the 6s is not the bottom. There's still plenty of downside S/R levels before total capitulation in the low 5s. Plenty of ladder steps down between to be traded, or at least to be aware of.
Bearish signs: Pretty much everything at this stage! Low volume, macro downward trend, strong sell offs with almost no strong bounce. You name it, it's here.
Bullish signs: This is really more a sentiment thing IMO. Shorts are super high. The general sentiment is bearish, often leading to counter trading. There is also the idea that if we see the low 5s that will lead to a free fall which will kill the market.
So really for my money it's almost TA vs gut instinct at this point.
I'm not very good with my gut instinct just yet, so i'm staying short with a tight SL.
Bearish signs: Pretty much everything at this stage! Low volume, macro downward trend, strong sell offs with almost no strong bounce. You name it, it's here.
Bullish signs: This is really more a sentiment thing IMO. Shorts are super high. The general sentiment is bearish, often leading to counter trading. There is also the idea that if we see the low 5s that will lead to a free fall which will kill the market.
So really for my money it's almost TA vs gut instinct at this point.
I'm not very good with my gut instinct just yet, so i'm staying short with a tight SL.