Lower Lows / Lower Highs
Lower Lows / Lower Highs means a downtrend. I would think this was a corrective move, except that it has already violated the main 100/200 trend lines, forming what is known as the #KissOfDeath. Let's assume the best case scenario, where it finds support at 50K, it could be bouncing in the range from 50K to 60K until the market finds a catalyst. The worst case scenario would happen if the price goes to 50K, test support at that level and finds a new low, then pretty much is game over until it reaches the 40K level.
I wouldn't open a long position here, I would wait until it has tested support and see if it holds.
The momentum is in negative territory, basically reducing the first impact we saw recently. I would expect another leg to the downside before seeing some green in the momentum.
"Trade and Trade Well."
I wouldn't open a long position here, I would wait until it has tested support and see if it holds.
The momentum is in negative territory, basically reducing the first impact we saw recently. I would expect another leg to the downside before seeing some green in the momentum.
"Trade and Trade Well."
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