The weekly trend is bearish. Price is short term bullish to pullback into bearish resistance.
I have marked resistance as the red box. This is the bottom of the two bullish weekly candles that got eliminated.
This pullback will accomplish multiple things.
First, it will start to shake out people already short and get them to get out while they watch their profits evaporate.
Second, it will scare people from taking further short trades as they see extreme bullishness spike up
Third, it will induce people to go Long thinking this is a buyable dip, only to smash on them later, once the bearish trend continues.
Fourth, the people that bought in November and January are hoping and praying that price can get back up to a smaller loss so they can sell and get out. Right now, they are deep underwater.
Case in point?
You don't want to go Long right INTO a brick wall of resistance. You have a peak formation high in place, marked as the red triangle. You have the 2025 open overhead. You have November and January buyers turned resistance.
In a downtrend, you go short at resistance levels and ignore bullishness. You use bull bars to enter by shorting pop ups.
I have marked resistance as the red box. This is the bottom of the two bullish weekly candles that got eliminated.
This pullback will accomplish multiple things.
First, it will start to shake out people already short and get them to get out while they watch their profits evaporate.
Second, it will scare people from taking further short trades as they see extreme bullishness spike up
Third, it will induce people to go Long thinking this is a buyable dip, only to smash on them later, once the bearish trend continues.
Fourth, the people that bought in November and January are hoping and praying that price can get back up to a smaller loss so they can sell and get out. Right now, they are deep underwater.
Case in point?
You don't want to go Long right INTO a brick wall of resistance. You have a peak formation high in place, marked as the red triangle. You have the 2025 open overhead. You have November and January buyers turned resistance.
In a downtrend, you go short at resistance levels and ignore bullishness. You use bull bars to enter by shorting pop ups.
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