I know everyone's bullish following the announcement that Elon wants to buy $TWTR, but the chart still doesn't look bullish.
The candle last week sharply rejected the $51 level which is the level price action originally broke down from, which now sets up a move lower.
I think the most likely scenario from here is that price sweeps the lows. And falls to between $26-30 (possibility it falls lower, but those are the conservative downside targets).
In the very short term, I could see the possibility of one more retest of $51 (which I don't think would be likely to break resistance based on the chart). If that happens and rejects yet again, the probability of this playing out increases a lot.
Let's see what happens over the coming weeks/months.
The candle last week sharply rejected the $51 level which is the level price action originally broke down from, which now sets up a move lower.
I think the most likely scenario from here is that price sweeps the lows. And falls to between $26-30 (possibility it falls lower, but those are the conservative downside targets).
In the very short term, I could see the possibility of one more retest of $51 (which I don't think would be likely to break resistance based on the chart). If that happens and rejects yet again, the probability of this playing out increases a lot.
Let's see what happens over the coming weeks/months.
Comment:
I could also see another retest of $55, before further downside, but a rejection in that region $51-55, will set up this idea.