Hmm... I believe this to be a multi-day bull trap aka fake out aka retest of daily 200MA from the bottom failure.
1. Not sure if people are not seeing the Death Cross of 50MA and 200MA on the daily, but I hope traders realize MAs are a lagging indicator, and technically we are IN the Death Cross already, it just hasn't formally done it on the charts. With a sell off like mid-Sept out of a huge multi-month consolidation, I don't see a bounce where it will magically break $13k or whatever it will take to prevent that Death Cross that we are in to not formally print on charts.
2. Lots of underlying whale movement showing signs of distribution from yesterday's pumps. I believe this is a hidden distribution range for a few days.
3. ETF will again fail Monday.
4. Longs are out of balance on many exchanges.
I believe we fail 200MA by Monday or mid next week, go down, and then get a huge bounce up from being SEVERELY oversold back to test the 200MA possibly into another multi-month consolidation triangle.
Congrats to those bulls who made money on the last pump, I missed out sitting on the sidelines, but in an overall downtrend, not losing is winning imo. Anyways set your take profit sells now and good luck to all!
1. Not sure if people are not seeing the Death Cross of 50MA and 200MA on the daily, but I hope traders realize MAs are a lagging indicator, and technically we are IN the Death Cross already, it just hasn't formally done it on the charts. With a sell off like mid-Sept out of a huge multi-month consolidation, I don't see a bounce where it will magically break $13k or whatever it will take to prevent that Death Cross that we are in to not formally print on charts.
2. Lots of underlying whale movement showing signs of distribution from yesterday's pumps. I believe this is a hidden distribution range for a few days.
3. ETF will again fail Monday.
4. Longs are out of balance on many exchanges.
I believe we fail 200MA by Monday or mid next week, go down, and then get a huge bounce up from being SEVERELY oversold back to test the 200MA possibly into another multi-month consolidation triangle.
Congrats to those bulls who made money on the last pump, I missed out sitting on the sidelines, but in an overall downtrend, not losing is winning imo. Anyways set your take profit sells now and good luck to all!