Follow up to the drift of death...
#BTC #UPDATE - So I guess I was right to be wary in my last post with the low volume manipulation - with the two large up - down moves soon after.
Perhaps it was a no brainer that we would head up and take out 4 levels and all the stops above them (I don't think I've previously had so many arrows quite so nearby and close together.)
The drift of death back down was fairly obvious - I was lucky to catch it but was nervous of, and surprised there was no wick up prior to the fall. Thus 3 levels were left behind and likely a whole lot of short stops and another move up could take us beyond the area easily. If we go up I would expect a move to the 98 area, followed by a retrace before a possible larger Bart. At the moment, buys are vastly exceeding sells too. I would also expect a reasonable resistance at 96 too.
On the down side, I revised my closest lower arrow by about $20 to 9250 but we were still very slightly off ($8) taking it out. Of note we are also on the 88.6 retracement of the 17-20th up move.
The whole world as usual after one down candle is calling for 8k. However we are wicking strongly off the lows still. My next levels below are 8937 and 8337 (long term S/R) as well as 8439 (revised pink arrow). 83 being also the long term trendline and our last impulse wave high. (the high at 89 I see as a corrective.)
If I see another wick off the lows I will try a long to 98 watching 96. Current rejection at 9570 is quite weak.
Perhaps it was a no brainer that we would head up and take out 4 levels and all the stops above them (I don't think I've previously had so many arrows quite so nearby and close together.)
The drift of death back down was fairly obvious - I was lucky to catch it but was nervous of, and surprised there was no wick up prior to the fall. Thus 3 levels were left behind and likely a whole lot of short stops and another move up could take us beyond the area easily. If we go up I would expect a move to the 98 area, followed by a retrace before a possible larger Bart. At the moment, buys are vastly exceeding sells too. I would also expect a reasonable resistance at 96 too.
On the down side, I revised my closest lower arrow by about $20 to 9250 but we were still very slightly off ($8) taking it out. Of note we are also on the 88.6 retracement of the 17-20th up move.
The whole world as usual after one down candle is calling for 8k. However we are wicking strongly off the lows still. My next levels below are 8937 and 8337 (long term S/R) as well as 8439 (revised pink arrow). 83 being also the long term trendline and our last impulse wave high. (the high at 89 I see as a corrective.)
If I see another wick off the lows I will try a long to 98 watching 96. Current rejection at 9570 is quite weak.
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