Fear, Fear, Fear... Its not a driving factor. In order for us to reverse the trend we need the bulls back in the driving seat. We have way too much blood on the streets. And the drains are overflowing. The weak hands are all out and are waiting for the correct re-entry. This is the type of market that breaks traders and turns them inside out. I must admit, we all go through it and we all experience the same emotions. When you leave the emotions out of this, looking at the chart this is a healthy correction. We need to bounce out of the down ward channel which typically makes the market very unpredictable or unreadable to a professional. I day trade for many years, and this is the typical the type of 'stock' that I do not add to my daily trading list. This means that this is a market that you do not want to touch. Sideways motion will be in play for the next few weeks months and so on. IT will be almost impossible to make something out of anything. The most profitable days for me are volatile drops but here, I can clearly see that we will not see any volatility
for the next few weeks maybe even months. So with that being said here is the prediction to this market.
Here are the scenarios we can play out,
The next few weeks, here is what you can expect.
We bounce up break out and start reciprocal ranging that mother fkr
We bounce up, close over $9,500 - Next step is breaking $10,000 realistic goal. Buyers come in and FOMO is REAL -> We get through the nasty bullshit down there and start our next journey to the top.
We will bounce from the lows, But since there is uncertainty in the market we will not get enough volume
to launch us into the levels where we want. We will have trouble breaking 9, then 10k we will then work our way up to 10-13k. This will also scare lots of people thinking that we may crash down. There will be sideways motion for the most part and it will be really boring. Volatile markets keep us focused. When people dont trade the markets tend to go side ways.
We are f8cked