As I have been mentioning that we are in a big reaccumulating phase for the bears.
I look at charts that has similar pattern playing out and what I see is when we have the covid crash in 2020 before making new all time high. I am using that but reversed for the bears.
Based on the chart, we will expect to see one last pump to liquidate the shorts before making the biggest leg down. target price for the pump can varies from 68000-72000 - liquidate area.
You would see a very sharp pump and it will be in the overbought area, once we reached the overbought area in the rsi and macd, and momentum shifts, that is your sign to get out as we will be coming back down for the finish the reaccumulating pattern to create the bear market past 49000.
I look at charts that has similar pattern playing out and what I see is when we have the covid crash in 2020 before making new all time high. I am using that but reversed for the bears.
Based on the chart, we will expect to see one last pump to liquidate the shorts before making the biggest leg down. target price for the pump can varies from 68000-72000 - liquidate area.
You would see a very sharp pump and it will be in the overbought area, once we reached the overbought area in the rsi and macd, and momentum shifts, that is your sign to get out as we will be coming back down for the finish the reaccumulating pattern to create the bear market past 49000.
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