Breakpoint reached! We're going down!
In May we saw a major Bull trap which touched $679 before resuming the general bear trend.
The support level at $445 was tested in august and finally broke in september.
This chart gives an idea of price action had the bull trap not happened - we would have touched
the lower support line and be on our way out of a completely deflated bubble.
Anyway, the May scenario looks to be repeating itself and we're now about to retest the $239
support level. If this breaks we could drop fast and retest the main support at around 170:ish
before we start a slow bull march along the mean.
Disclaimer: I trade and chart for myself - please do not accept this as actual trading advice.
Happy trading!
/Esper
The support level at $445 was tested in august and finally broke in september.
This chart gives an idea of price action had the bull trap not happened - we would have touched
the lower support line and be on our way out of a completely deflated bubble.
Anyway, the May scenario looks to be repeating itself and we're now about to retest the $239
support level. If this breaks we could drop fast and retest the main support at around 170:ish
before we start a slow bull march along the mean.
Disclaimer: I trade and chart for myself - please do not accept this as actual trading advice.
Happy trading!
/Esper
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