We got the expected spike down and it touched exact my support line. We just started some weak bull move. In the 15 minute chart we see a reversal candle as well as in the 4 hour chart. But the bull volume is not that great and looking like a very weak bounce attack just now. We see if we can break the blue downtrend resistance line or if we gonna stay in the channel for a little wile longer. We can count 5 waves down to be in and for this to be the final leg down feels to short. Likely we going to see 3 waves up now before we continue down. I show the light blue wave as a alternative result of measuring the first 5 waves of wave 1. This would even confirm my feeling from yesterday that we can go down further to the next area of support between 6,400 and 6,250 isch. This event would create a bull wick under the support and if we not stay there for too long, this is very bullish. Getting of the weak hands before moving on! But the same here..we have to get volume in to see the reversal.
The longs vs short showing us the shorts are gaining a little but the longs are still in favor.
Shorts: 22,952 (40.72%)
Longs: 33,409 (59.28%)
With all the great news coming out i still believe in a bull run incoming very soon. But we should be aware of the situation we had in april, when the whole world thought the bull run had started and we ended up at 5,800.
From here we are patiently waiting and don’t get any FOMO. We are optimistic but cautious! Buying the dip or going more conservative ahead and enter in the safe areas after a confirmation of the next bull run to start.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it’s not advice nor recommendation to either buy or sell anything! It’s only meant for use as informative or entertainment purposes.
Join our private Telegram group to get notifications when updates are available https://t.me/joinchat/AAAAAEZaK1F6xsVeSIFBkA