Short

Assume the position

Updated

Target: 6k
Time range: 1 month

Target is shown as the point at which the regression lines meets up with the current trendline. In other words, we will be retesting the bear market breakout point at around the 5k/6k range. This is a longer term trade. As such, those entering the trade should be mindful that there are numerous supports between the current price point and the target, and that significant volatility should be expected.

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We just bounced off of a minor support, it might be best wait for entry until the bounce has topped out

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The bounce could go as high as ~11200.

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Bounce is over, we're about to drop again.

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The bounce off of the 10k level could bring us back up to more or less where we are now - ~10800

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Looks like we'll be range bound between 10800 and 10000 for up to 8 days or so, with the price bouncing between those two price points several times.

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As stated in my initial post, this is a longer-term trade. It's really hard to predict price movements at smaller timeframes. Even if you're exceptionally good at it, you are still playing with fire. Again, the prudent approach is to keep the short open until the target is reached or indications show that the target is no longer viable. That said, in the interim, here's what I see happening:

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pardon the working trendlines...

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that failed spectacularly... next stop 8880

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Update:

Hold on to your hats, we're headed much much lower.

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we should be hitting ceiling any minute now, at around 10200

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That was the ceiling, here's the next couple of days

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vidence

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