today reached a high of right around $3930, a weekly level going back to the original bull run. Since then, we’ve done nothing but dump all day, reaching lows of $3660 as of the writing of this Idea. Closed this nasty inverted hammer/gravestone on the daily and we closed below the of this current move from $6k.
We’re looking pretty from here, odds are we’re coming back down a ways, tough to say how far right now. I’d say at least around $3500 if we wanted to see a potential continuation and a higher low print and a good pullback from this high on day.
Whether the low is in or not remains to be seen, but right now, my gut says it’s not and we’ll make another low sometime in the near future. If we do break a new low, we’re targeting that $2800-3000 zone as the potential new bottom (not forever, just for now).
Short term, we may see a run up to around $3750-3800 as a ‘fakeout’ bull trap and then come down, but right now, everything points to more downward momentum on the horizon.
Published at Thu, 20 Dec 2018 00:16:19 +0000
