Celsius - sellers cranking up the temperature
Updated
Bears remain in control of Celsius. I did warn this could result in a catastrophic sell off if the bounce failed, which it did. The writing was on the wall for the following reasons:
- textbook double top pattern marking the peak of the super cycle.
- lost the 50 and 100 SMA on the weekly
- failed to recapture the 0.2336 Fib during its retrace.
- lost the $50 level, which is an important psychological level for the bulls.
- potentially in wave 3 of 5 of the corrective pattern.
Possible level of support is the 200SMA, which lines up with the gap fill area marked on the chart. Not financial advice, just telling you what I see on the charts and it doesn’t look pretty.
- textbook double top pattern marking the peak of the super cycle.
- lost the 50 and 100 SMA on the weekly
- failed to recapture the 0.2336 Fib during its retrace.
- lost the $50 level, which is an important psychological level for the bulls.
- potentially in wave 3 of 5 of the corrective pattern.
Possible level of support is the 200SMA, which lines up with the gap fill area marked on the chart. Not financial advice, just telling you what I see on the charts and it doesn’t look pretty.
Trade closed: target reached
Short closed. Looking for potential long positions now.
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