If you thought the bears in this market went into hibernation you thought wrong. This is a clear correction, but the idea that the bulls have this market is simply repugnant. From where we are you can see that there was a point in previous structure where there was some crazy wick action which indicated a vector push to the downside (highlighted in the white rectangular box) which clearly didn't last that long. Knowing that this move from the 9th of November indicated and even incentivize some short selling to inter the market, it is was be a safe assumption that some retailers and even institutions still have liquidity at this keep level that has potential to still be mitigated. Lets watch and see how long this last.
Keep in mind I am long term bullish on this project and price could turn around at any moment in time. We are right now looking at a zoomed in look of this overall chart reflecting the 4H timeframe. If we zoom out and mark up your chart on the weekly you should be able notice that price in currently below the 88% of OVERALL structure and that this is typically where people look to buy. but we should see another drop below the previous low to create an opportunity for the bull to poke the bear!!!!
USE PROPER RISK MANAEGMENT
Keep in mind I am long term bullish on this project and price could turn around at any moment in time. We are right now looking at a zoomed in look of this overall chart reflecting the 4H timeframe. If we zoom out and mark up your chart on the weekly you should be able notice that price in currently below the 88% of OVERALL structure and that this is typically where people look to buy. but we should see another drop below the previous low to create an opportunity for the bull to poke the bear!!!!
USE PROPER RISK MANAEGMENT