This bounce doesn't look convincing at all, bulls look very weak at the moment. The last bear flag I predicted )check it here - www.tradingview.com/...target-around-11100/) played out perfectly and I have a feeling we could form another one here that would lead us to retest 10500 area. That one was predicted when it was formed already though and I'm going early now, so it's not anything written in the stone yet.
It's probably the logical move. It was huge resistance we were trying to break for whole year, we just can't go to any bigger bull run with testing it as support only for 10 minutes in that flash crash we had from first reach of 12k.
There is huge bullish sentiment out there, people are dreaming and hoping about new ATH and the easiest path to cause some pain is to screw some longs. If that is the goal, than we might move even below 10k for some short time as I guess most of stops are just below 10500 area.
I am still bullish and I believe we might at least try for 14-16k area, but retest of 10.5k is needed very soon. I think most probably now.
PS. This is not financial advice, I am not shorting this level, I am not even going into dollars now, but we should be careful to not do anything risky yet, like going full mental with longs. Even the end of this small bull run is not out of question. It could have been a sucker rally and we still could go to 6-7k from here and it wouldn't be anything chart-ruining.
It's probably the logical move. It was huge resistance we were trying to break for whole year, we just can't go to any bigger bull run with testing it as support only for 10 minutes in that flash crash we had from first reach of 12k.
There is huge bullish sentiment out there, people are dreaming and hoping about new ATH and the easiest path to cause some pain is to screw some longs. If that is the goal, than we might move even below 10k for some short time as I guess most of stops are just below 10500 area.
I am still bullish and I believe we might at least try for 14-16k area, but retest of 10.5k is needed very soon. I think most probably now.
PS. This is not financial advice, I am not shorting this level, I am not even going into dollars now, but we should be careful to not do anything risky yet, like going full mental with longs. Even the end of this small bull run is not out of question. It could have been a sucker rally and we still could go to 6-7k from here and it wouldn't be anything chart-ruining.