Some of you have been asking me why we are bouncing here.
We are at a daily level as you can see on my chart
So we are at support which is holding for now
If we lose it you know the 2 levels below us around 50k
If we start moving up, reclaiming the new daily at 56.3k would look pretty bullish
EW update (see my last post) : wave 5 (this drop) was pretty quick, but so was wave 1.
So comparing wave 1 and 5, seeing a correlation in time is nice to see, indicating wave 5 might be put in
I personally initiated a small long on the small drop that happened just now (I don't really like to trade during weekends as there isn't much volume)
We'll see next week when we get volume if this support will hold or not.
My preferred scenario is still a quick break of 50k for a liquidity grab, but we trade charts and not biases, and for now support is clearly holding.
Any questions?
Good luck traders
Remember not to break your rules
Habib
We are at a daily level as you can see on my chart
So we are at support which is holding for now
If we lose it you know the 2 levels below us around 50k
If we start moving up, reclaiming the new daily at 56.3k would look pretty bullish
EW update (see my last post) : wave 5 (this drop) was pretty quick, but so was wave 1.
So comparing wave 1 and 5, seeing a correlation in time is nice to see, indicating wave 5 might be put in
I personally initiated a small long on the small drop that happened just now (I don't really like to trade during weekends as there isn't much volume)
We'll see next week when we get volume if this support will hold or not.
My preferred scenario is still a quick break of 50k for a liquidity grab, but we trade charts and not biases, and for now support is clearly holding.
Any questions?
Good luck traders
Remember not to break your rules
Habib
