40k short target - biggest bear rally to end 4yr distribution
I flipped the daily chart.
Don't be fooled by the oversold RSI and MACD
You will notice a very slow grind on the daily timeframe as the RSI slowly make little moves and MACD is weak as we grind our way to the 40k zone for consolidation/SOS before another breakdown.
I wouldn't buy buying any dips but adding shorts positions on the pump.
- TP target for shorts are 40k zone in the red box. This is to complete wave 3 of the Eliot wave bear rally reversal.
- When we reached the 40k zone, you would also notice it's forming a cup and handle during the consolidation/sos phase before another leg.
- By flipping the chart you can look at it as a bull run as it pumps yeah? It's no difference on the way back down.
- In this zone we will be going sideways as it consolidate before another move down.
We are in bear rally, the biggest one that will lead us all the way back down where it all began around august 2020 which is the 6k zone.
Don't get caught up buying dips and bounces IMO.
STAY CAUTIOUS
Don't be fooled by the oversold RSI and MACD
You will notice a very slow grind on the daily timeframe as the RSI slowly make little moves and MACD is weak as we grind our way to the 40k zone for consolidation/SOS before another breakdown.
I wouldn't buy buying any dips but adding shorts positions on the pump.
- TP target for shorts are 40k zone in the red box. This is to complete wave 3 of the Eliot wave bear rally reversal.
- When we reached the 40k zone, you would also notice it's forming a cup and handle during the consolidation/sos phase before another leg.
- By flipping the chart you can look at it as a bull run as it pumps yeah? It's no difference on the way back down.
- In this zone we will be going sideways as it consolidate before another move down.
We are in bear rally, the biggest one that will lead us all the way back down where it all began around august 2020 which is the 6k zone.
Don't get caught up buying dips and bounces IMO.
STAY CAUTIOUS
Trade active
I have got a new short position around 61750.Will be holding this til around 40k zone to take my profit.
I also expect a wick below 40k to liquidate this level.
If you look at the yearly liquidation heatmap, lots of liquidity for us on the down waiting as people liquidity is coming but it's on the downside :D
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