In my last few video updates, I’ve said if price breaks above the $7,160 resistance, it’d likely rise to the next major resistance/supply zone starting at $7,500. It did breakout, but only made it as high as $7,430 before being strongly rejected. For now, it's finding support on top of the prior $7,160 resistance. Price movement over the last 72 hours has me wondering if we’re in a leading diagonal. If so, we may see price collapse to at least $6,750 over the next 24 hours. I discuss that much more in my video analysis at the bottom of this post.
Shorts have flooded the market...up almost 35% in the last 8 hours alone.
Long positions have remained stable for the most part. This is very interesting.
The massive rejection at $7,430, along with the rising wedge pattern, would suggest a possible large pull back. HOWEVER, total volume remains relatively weak....which means the market is ripe for manipulation. If price collapses with shorts this stacked, retail will make out like bandits. Assuming shorts remained stacked and longs remain stagnate, we could see another push up to liquidate short positions.
In today’s video analysis, I discuss where price may be going in the next few days, market psychology, traps to avoid, my Elliot wave count and MUCH more information not found above. Today’s video is a little longer than others, but I feel it’s necessary to explain what’s going on behind the scenes. I hope you find it useful:
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Neutral to Slightly Bearish
Longterm: Very Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005