long time without any published analysis, but finally, here u have it.
Since the 26th of July we are in a very healthy downtrend. I were able to ride a good part of this wave, I hope u guys too.
I drew a nice trend channel to visualize the way down. We had in regular intervals some dumps with a small side way movement between them.
Yesterday we had the biggest dump in this channel with a good short momentum, that we broke out of the channel.
In my opinion it´s likely to go soon back up to the channel, to recover a little bit. Also for the it would be healthy to go back in a “normal” zone. First step could be the 6500. But its also likely to continue going down before we do that.
But we are still in a very movement, and there is still no end in sight. After we recovered some hundred points we will follow the downwards to test the 6100 again. All depending on how strong the
recovery phase is. If we can´t hold the 6100 we will go down to 6000. Major Support where many people will try to push the price back up, like the mining guys. Also it is possible that many people think we reached the bottom
and will jump hectically in the market. If there won´t enter enough bulls we will go down further to test our 5800 level and then it will be a very interesting time, to see how the people react.
In brief summary this means we are still in a intact downtrend and u have to be very careful to long from the actual levels.
For ur notice. I just drew in light grew a possible Head & Shoulder pattern. In my opinion they work pretty good on bottom levels.
If u have any questions, just text me on Twitter, make a comment on this analysis, or just meet me in bitmex trollbox 😉
I hope I could help u guys to find the right decision for ur further trading.
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