There's a good chance rejection at trend point of control (PoC) is confirmed and we get some kind of retrace from this prevailing bullish impulse that we've had.
If so, we are likely to come back down to at least the first point of support at which point there are a couple possibilities:
a) make a higher low and begin proper large-scale accumulation
b) make a lower low and return to PoC
c) slowly bleed as supply absorbs all demand as well as eating demand orders from the books -> breaking below horizontal PoC in the major support zone and finally capitulating into an extended bear market / accumulation period
If so, we are likely to come back down to at least the first point of support at which point there are a couple possibilities:
a) make a higher low and begin proper large-scale accumulation
b) make a lower low and return to PoC
c) slowly bleed as supply absorbs all demand as well as eating demand orders from the books -> breaking below horizontal PoC in the major support zone and finally capitulating into an extended bear market / accumulation period
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So that was a big moment of accumulation and was more aggressive than the last pivot at support. This will likely give some strength to the trend PoC and possible cause the higher low situation perhaps even well above the first point of support.
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~2.1k should present significant support.
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summary of that terribly hard to live through short xD
summary of that terribly hard to live through short xD
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just an update on what has happened since!
we were barely correct on that short call. The mistake I believe, as far as actually taking a trade there, was entering the short before confirmation candles.
we were barely correct on that short call. The mistake I believe, as far as actually taking a trade there, was entering the short before confirmation candles.
