Yesterday I remained fully bearish and was watching for a new local at to be created below $6,500. Today I have drawn a massive triangle which illustrates the support level that we have been flirting with over the past couple days.
If that breaks down below $6,500 I expect the volume to really pick up from the sellers. I have mentioned that I need to see capitulation before expecting this market to reverse and I am hoping to get it from $6,500 down to $5,000.
If not in a position I would wait for support to break as final confirmation for entry. Sell between $6,300 - $6,450 and set the stop loss $6,775. The profit target remains at $5,000 where I expect a lot of support to be waiting.
If that breaks down below $6,500 I expect the volume to really pick up from the sellers. I have mentioned that I need to see capitulation before expecting this market to reverse and I am hoping to get it from $6,500 down to $5,000.
If not in a position I would wait for support to break as final confirmation for entry. Sell between $6,300 - $6,450 and set the stop loss $6,775. The profit target remains at $5,000 where I expect a lot of support to be waiting.
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/
Over zealous short sellers on high margin could be the rocket fuel we need to turn this thing around without capitulation.
I am still cautiously holding onto my short $7,300 and keeping a tight stop.