Looking for downside :)
Updated
IMO the most likely path is the one highlighted in red. But something I've noticed is that there has been a lot of impulsive buying recently which has led to those big green candles.
I personally dont have any position in this rn, so i want it to go down because I wanna go long on this.
Although there is plenty of impulsive buying (and the market seems to be in a bear market rally) I think its best to watch it closely and be skeptical because honestly too many people talking about the bear market rally and I think these guys are gonna trap us bulls.
Yeah but if this ends up closing above 200 (204-206) area then it should rally to 230 range. But im thinking itll reject 200
Also this is my first chart so lmk what u think, anything missing? Anything should be moved around? Just let me know lol thanks.
I personally dont have any position in this rn, so i want it to go down because I wanna go long on this.
Although there is plenty of impulsive buying (and the market seems to be in a bear market rally) I think its best to watch it closely and be skeptical because honestly too many people talking about the bear market rally and I think these guys are gonna trap us bulls.
Yeah but if this ends up closing above 200 (204-206) area then it should rally to 230 range. But im thinking itll reject 200
Also this is my first chart so lmk what u think, anything missing? Anything should be moved around? Just let me know lol thanks.
Note
Seems like my idea has played out, could see this having a pop back to 170 as its pretty over sold. Although there is still plenty of selling pressure, very apparent with those large gaps down. So I could def see this also getting sold out a bit more. Either way, entire market will probably be in a downtrend until Jan of next year.
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.