The bulls havn't lost yet!Welcome to my daily market update (11/05/20):
• Damn, I wanted to post yesterday a market update but a few minutes right before I was done, the market went crazy, which is extremely fun!, my expectations were right, and we finally received my weekly red candle (Or did we? Few more hours to go xd), so I delayed my update until now.
• So what we have so far on mid-term for bullish?
- We are still riding the mid-term bullish trend, and just corrected to 0.6’ fib levels (Which is very good for such recovery), and used daily e50+e200 as support (Golden cross upon us?):
- We still have a gap to fill on after daily+weekly close:
- And we created a higher low on 4h (The real question is if we will create a higher high as well?):
- Now it’s good place to ladder bullish position, if we create higher high then most likely we are going to pass this 4h e21, and shoot to close CME:
• And what we have on the mid-term bear side?
- We are under the 4h e21 which we were riding so far, so it will act as resistance now.
- We didn’t create higher high yet so we might still create a lower high and a lower low, and on this case our next target is7750:
• Now don’t get me wrong, the mid-term is still bullish and might break through the the big-term trend, but we should not forget some keypoints:
1. All markets (Such as DowJones and S&P500 and others) pretty much exhausted with this recovery, and might start crushing the second wave (BTC will also crush on such moment, again)
2. Our big-term is still in this bearish channel (And now we have enough liquidity to push down, especially if close below the weekly e21):
3. The halving bullish narrative is almost over, the moment we pass this event, a lot of retail (And especially whales) might just dump their profits since the event is over.
• My recommendation for now, is to stay with the mid-term bullish trend which isn’t invalidated yet.
I personally as you well know, am a speculations trader, and thus I keep on focusing the shorts as I did so far, until we pass 10500 with enough confirmations that we are on a bullish market again.
