Currently short $WEED but seeing signs of weakness in the current downtrend.
We definitely see lower highs and lower lows. BUT the low that formed beginning of October is only slightly lower than its predecessor from end of march.
So from my perspective all depends on the next 4 weeks.
If price shoots over $33, my bearish sentiment will weaken.
On the other hand, if last low of 27.5 breaks dynamically, all is well and we might be in for another "halvening" within the current channel.
Company currently still trades for 33x sales, which is kind of insane for a "crop-producer", even with 100% sales growth a year there is still a lot of room to the downside imho.
We definitely see lower highs and lower lows. BUT the low that formed beginning of October is only slightly lower than its predecessor from end of march.
So from my perspective all depends on the next 4 weeks.
If price shoots over $33, my bearish sentiment will weaken.
On the other hand, if last low of 27.5 breaks dynamically, all is well and we might be in for another "halvening" within the current channel.
Company currently still trades for 33x sales, which is kind of insane for a "crop-producer", even with 100% sales growth a year there is still a lot of room to the downside imho.
