This is a follow up on the previous analysis, so things have not changed a lot since. As i updated, the break of support was a weak move from the bears and we have been moving sideways since.
We can see in the chart that the trend line was and still is real. It broke and price has been moving below it since. Looks like it is moving inside of a small channel/wedge now as well. During situations like this, usually means that the longer it takes to break down, the bigger the chances for the bulls become. A back up plan the bulls have here is the blue line. Think it might be an important one for the bulls, even if we would make a drop coming hours 0/12 hours or so.
So even if we would drop out of that small channel (which could still be seen as a retest), that blue zone could still be an important support level. So when seeing a drop, but price finding support there and starts to turn up, it could mean a small bear trap is being set and we could squeeze upwards.
Think it might still be a bit confusing :), maybe this makes it easier, looking at it from the bears perspective. So i think we need to drop withing the coming 12 hours or so AND we do not want to see a strong bounce from the blue zone and/or line. Think most other scenario's are in favor of the bulls.
Previous analysis:
We can see in the chart that the trend line was and still is real. It broke and price has been moving below it since. Looks like it is moving inside of a small channel/wedge now as well. During situations like this, usually means that the longer it takes to break down, the bigger the chances for the bulls become. A back up plan the bulls have here is the blue line. Think it might be an important one for the bulls, even if we would make a drop coming hours 0/12 hours or so.
So even if we would drop out of that small channel (which could still be seen as a retest), that blue zone could still be an important support level. So when seeing a drop, but price finding support there and starts to turn up, it could mean a small bear trap is being set and we could squeeze upwards.
Think it might still be a bit confusing :), maybe this makes it easier, looking at it from the bears perspective. So i think we need to drop withing the coming 12 hours or so AND we do not want to see a strong bounce from the blue zone and/or line. Think most other scenario's are in favor of the bulls.
Previous analysis:
