A temporary bottom could be in. Back in 2017, we crashed 70% before we got a relief rally. We are at a major support coming off a 70% crash right now. After retesting a strong support at 6k back in 2017, we still crashed 50% after a few support tests. We could get a relief rally here, but keep in mind that a 50% crash from 20k is a possibility after a relief rally. Ultimately, I believe a temporary bottom could be in, but I’m not long term bullish yet. I still see us testing the low to mid teens after a relief rally.
Yorum:
This idea is invalidated if we have a daily close at 19k.
Yorum:
P.S. I meant 2018, not 2017!