Rally attempts are constantly being sold off by greedy traders or those with losing positions.
This will continue further until a major sell off.
My chart has various cases demonstrating an extreme short term bearish case. By short term we could also suffer in the second quarter of this year.
The game has changed... "If you're going to sell, I'm going to sell too. I ain't gonna sit down watch my portfolio to bleed any further..." That will be the upcoming thought process.
The death blow is coming where earlier holders will dump.
But for now, there is a bullish falling wedge on the hourly, but it can only take us to around 8500 if we're very lucky. It will quickly get invalidated if we go below 7700.
Next two weeks won't be good.
Good luck all.
This will continue further until a major sell off.
My chart has various cases demonstrating an extreme short term bearish case. By short term we could also suffer in the second quarter of this year.
The game has changed... "If you're going to sell, I'm going to sell too. I ain't gonna sit down watch my portfolio to bleed any further..." That will be the upcoming thought process.
The death blow is coming where earlier holders will dump.
But for now, there is a bullish falling wedge on the hourly, but it can only take us to around 8500 if we're very lucky. It will quickly get invalidated if we go below 7700.
Next two weeks won't be good.
Good luck all.