Is this another "Head-Fake" ? "Bear-Trap" ? or the "Real-Deal" ? Inquiring minds want to know.
I'm still in cash after selling at $8,190 so I'm gonna say it's the beginning of the Real-Deal.
I've been laying out my case for a while now for another leg down. Especially after bouncing off the top of the channel and getting rejected again by the 50 day EMA.
The price has also broken down through the recent support it was trying to build for the past few days. Can it regain its footing and continue North? Anything is possible but I'd have to guess, at best, the price may bump its head on that support line and continue South until it eventually reaches the bottom of the channel again.
At any rate, that's my story and I'm sticking to it until the facts prove otherwise.
Good luck whichever way you try to play the game.
I'm still in cash after selling at $8,190 so I'm gonna say it's the beginning of the Real-Deal.
I've been laying out my case for a while now for another leg down. Especially after bouncing off the top of the channel and getting rejected again by the 50 day EMA.
The price has also broken down through the recent support it was trying to build for the past few days. Can it regain its footing and continue North? Anything is possible but I'd have to guess, at best, the price may bump its head on that support line and continue South until it eventually reaches the bottom of the channel again.
At any rate, that's my story and I'm sticking to it until the facts prove otherwise.
Good luck whichever way you try to play the game.