What's going on Traders,
Well, looks like our crystal ball was on point this time. The price took a nosedive right at that predicted level, proving once again that chart analysis isn't just drawing pretty lines. Now we're staring down the barrel of some serious bearish action.
Sure, that 55k trigger point might play coy and act as support for a hot minute but don't get your hopes up too high. I'm expecting this bad boy to bust right through 55k like it's made of paper and hang just below 55k for a bit before taking another dump. We're looking at a potential landing zone somewhere between 55k and 50k before this market decides to take a little breather.
Bears in Charge
Once we hit that range, we might see a bit of a bearish spike or a huge spike and make no mistake, the bears are running this show right now, and they're not planning on giving up the driver’s seat anytime soon. Expect them to keep their claws dug in for the rest of the month or at least the next two weeks. Maybe we'll see some relief around the 26th or 27th and we can get back into BULL MODE!
This isn't the time for hero plays or catching falling knives. Smart money is DCAing in or on the sidelines, watching and waiting. Remember, sometimes the best trade is no trade at all. Keep your eyes on price movement and volume and if you’re thinking about shorting remember to keep your stop losses tight.
This is The Dark Sage, signing off until Friday.
