The current situation looks similar to October 2019
After the mini bull market ended in July, we consolidated deep inside demand for a while, a concerning warning sign. One last exit pump / short squeeze (the Me pump) then bear market continuation.
However, we've already tested support 5 times - buyers are exhausted and Rule of 5/6 applies. If we return for another test, it's unlikely to hold. This pump needs to follow through, otherwise we could easily go to 24k or 20k without any chances to exit.
However, we've already tested support 5 times - buyers are exhausted and Rule of 5/6 applies. If we return for another test, it's unlikely to hold. This pump needs to follow through, otherwise we could easily go to 24k or 20k without any chances to exit.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.