Just as the title states, there is some good confluence around 23k with the measurement of the descending triangle, as well as with multiple fib sets. We haven't broken the descending triangle yet, so who knows what will happen.
Could we have a short squeeze before getting there? Absolutely!
This is the most convincing case that I've been able to come up with so far, and figured I'd share.
Could we have a short squeeze before getting there? Absolutely!
This is the most convincing case that I've been able to come up with so far, and figured I'd share.
Trade active
We just had what appears to be a bear trap. I'm still pretty sure we eventually head down to 23-24k, but for now we shall see where this relief rally takes us.Trade active
If you want to be bullish - you could say that we are now testing after spring in Wyckoff accumulation - at least that is where I'd think that we are at currently just glancing at it.Note
5 rejections from a downtrend, and now a 5th test of support. By golly, I can't help but to be bearish. Wyckoff accumulation in the midst of a death cross and the bottom of a descending triangle as described above, after a big distribution top - kind of a hard sell for me. Its possible, but why would I bank a lot on it?Note
If this holds - maybe they do play it out as Wyckoff accumulation. That would really be something.Note
Short squeeze now - Dollar wakes up soon, kills rally, puts in true bottom for this phase.Disclaimer
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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.