Was that 'Spring'? That certainly felt like a 'Spring' event and it broke below SC / previous low.
Watching those ALTs drop looked like doomsday and must have been painful for Hodlrs but that is exactly how the Spring event is meant to feel - horrible. I laddered into spot but there were moments when I questioned what I was doing. Remember the top? - this was exactly how it was with ALTs going on parabolic blow-off runs to ATHs... now we are possibly seeing it in reverse. Spring events in these formations are apparently not always included so I feel lucky to see one.
--- Hard to identify exact upside targets but in the immediate I will look for the following pattern:
Circled 1 - $35,000 rejection: hard to predict the exact rejection point but I suspect it will remain local to the expected Test
Circled 2 - $31,100 Test - this should be pretty accurate as the bounce should come off the previous low (ST) and volume should remain low (relative to last few months)
Boxed - Safest long point
If circled 2 fails then the downside might be a reality but until then going bearish feels like it is on the wrong side of the trade. Another few weeks in this range.
Best, just an idea Hard Forky
Watching those ALTs drop looked like doomsday and must have been painful for Hodlrs but that is exactly how the Spring event is meant to feel - horrible. I laddered into spot but there were moments when I questioned what I was doing. Remember the top? - this was exactly how it was with ALTs going on parabolic blow-off runs to ATHs... now we are possibly seeing it in reverse. Spring events in these formations are apparently not always included so I feel lucky to see one.
--- Hard to identify exact upside targets but in the immediate I will look for the following pattern:
Circled 1 - $35,000 rejection: hard to predict the exact rejection point but I suspect it will remain local to the expected Test
Circled 2 - $31,100 Test - this should be pretty accurate as the bounce should come off the previous low (ST) and volume should remain low (relative to last few months)
Boxed - Safest long point
If circled 2 fails then the downside might be a reality but until then going bearish feels like it is on the wrong side of the trade. Another few weeks in this range.
Best, just an idea Hard Forky
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