I really haven't added too much since my previous chart in which I explained why I thought we were heading down. Since then we've gone down, but then we saw the bull fighting fiercely to take the price back up, which they did, but only to form a lower high, also visible on the daily chart. It's natural these fights will happen on the zones I labeled as support, since they are support zones, after all. However, nothing so far is showing me that the bulls are strong enough to stop the price for continuing heading down. This could even be by design, if you assume that the abrupt up-down movements usually results in lots of retail traders getting liquidated. That's the danger of these seemingly market uncertainty dynamics, since they have more psychological influence over small and inexperienced traders then big players.
To summarize what I'm trying to say, while I can't say I'm 100% certain we won't head back up, I believe we're in a "slow-burn" market that's going to be filled with long wicks and abrupt movements in both directions, but that little by little will keep us going down.
It's particularly important to not let oneself get into the FOMO that could end up leaving you over-leveraged and risking more than we should. Try to stick to a plan, a good plan that you aren't changing all the time, unless there are clear signs your plan isn't the right one. A good entry point is very important, if not, a crucial aspect of trading successfully.
To summarize what I'm trying to say, while I can't say I'm 100% certain we won't head back up, I believe we're in a "slow-burn" market that's going to be filled with long wicks and abrupt movements in both directions, but that little by little will keep us going down.
It's particularly important to not let oneself get into the FOMO that could end up leaving you over-leveraged and risking more than we should. Try to stick to a plan, a good plan that you aren't changing all the time, unless there are clear signs your plan isn't the right one. A good entry point is very important, if not, a crucial aspect of trading successfully.
