We certainly broke down but doesnt mean theres not a trade to be made. As stated in my previous posts the 100D MA been so close to the $10,000 mark would be a likely place for a bounce if we break down.
As we can see it may of done just that.
While the bottom of the cloud did seem to act as support for a few days, my other potential support point, the upper limit of the year long channel (yellow lines), didn't seem to do anything. So I will be discounting that in future analysis.
So if we get a bounce our targets will be the bottom of the cloud which is about the 38.2% fib and the 5D MA which lines up to the top of the cloud and the 61.8% fib.
Will close about half my long at each.
More Downside Targets
I still got more ammo to pull the trigger if we see further downside. Mostly I am looking at the bottom of the year long trend channel at around $8,000. This trend line has been tested multiple times and should be very strong support.
Thanks for reading.
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