This bounce while expected has disappointed. I mean look at it. No strength to push us higher.
Now we're falling back again on support. Can it hold us again? I mean, we've tested this level 4 times now... this is not good. You don't want a support line to be hammered again and again because eventually it will crack and crash.
Hence, I am starting to doubt we can hold much longer if we don't leave this area.
Expect another test and bears may be encouraged this time to take us lower. Bias is bearish short term.
Hold onto your cash for now and consider a buy at $38k or if we push higher above $43k.
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Now we're falling back again on support. Can it hold us again? I mean, we've tested this level 4 times now... this is not good. You don't want a support line to be hammered again and again because eventually it will crack and crash.
Hence, I am starting to doubt we can hold much longer if we don't leave this area.
Expect another test and bears may be encouraged this time to take us lower. Bias is bearish short term.
Hold onto your cash for now and consider a buy at $38k or if we push higher above $43k.
Like and follow if you liked this idea!
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