Price has been unable to rise clearly over the 40k level.
Good news is that it almost reached 40,500 today before finding resistance to drop below support at 38,500
At this stage it is important to see Higher Lows!
This means that if the price drops below the 36,000 level we run the danger of seeing a further drop / in this case the rise from 30k to 40k levels will simply be classified as one (Dead-Cat-Bounce) and we could be prepared to see a further drop to 30k.
Am I bearish now? No, I am still bullish but I also need to do what the chart commands. Right now we must be careful, if 36,000 is breached under we will be worried/turning into sell positions.
For the time being I have reduced my sell positions and opened some hedge positions (25% sell 75% buy).
Hope it helps,
the FXPROFESSOR
Good news is that it almost reached 40,500 today before finding resistance to drop below support at 38,500
At this stage it is important to see Higher Lows!
This means that if the price drops below the 36,000 level we run the danger of seeing a further drop / in this case the rise from 30k to 40k levels will simply be classified as one (Dead-Cat-Bounce) and we could be prepared to see a further drop to 30k.
Am I bearish now? No, I am still bullish but I also need to do what the chart commands. Right now we must be careful, if 36,000 is breached under we will be worried/turning into sell positions.
For the time being I have reduced my sell positions and opened some hedge positions (25% sell 75% buy).
Hope it helps,
the FXPROFESSOR
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