Disclaimer: This is not meant as financial advice and is for entertainment purposes only.
Over the last couple days I have been calling for a $7,950 retest. That call is based on trendlines and moving averages. If I wasn’t in a no trade zone then I would have maxed out my position by now.
Falling below $7,500 while I was asleep did make me second guess my prediction. However, after reevaluating I am still confident that we will bounce before falling below $7,250. I expect this last move down was a long squeeze and/or a bear trap meant to trigger stop losses and shakeout over leveraged longs.
If we do not get back above $7,500 in the next 24 hours then it will be time to reevaluate again. Selling off from here would be extremely bearish . At a minimum I expect us to range along the bull trend line (green dotted) until we meet the three week downtrend line (red dotted).
The weekly candle will close today and it is threatening to close under the 50 week moving average for the first time since 2013. If that happens then expect the downward momentum to increase rapidly over the next week.
If bearish I would still be waiting to open a short until we retest the 12 and 26 day moving averages ( daily chart ) and/or trend line .
If bullish then now is the time to open a position and congratulate yourself for being able to walk with such enormous balls.
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