First of all, I must say that no one really knows who will end up being right. All we can do is remain unbiased in our analysis and hope that the market moves in our favor most times. There will be plenty of time when this won't happen.
Now, in our case, if you remember my previous chart, I said I was officially bearish, yet price has moved against my prediction. This however doesn't necessarily mean that I'm wrong... yet. It wouldn't be surprising at all if price goes above the Hopium Refill Line (previous local high). This is because right now we have a high liquidity pocket, meaning, there are lots of stop-losses, liquidations, and possible buy orders from break out traders. Big players are interested in these pockets of liquidity because it's there where they can fill their huge orders, so if we have all these buy orders at that level, who are they buying from? Big players is the answer in many cases. So we could see a rally past $9200 and then a sudden drop and we wouldn't reverse the downtrend we see on the weekly as long as we don't go above $10500, after which I will definitely admit being wrong, and it will be the confirmation we are now in a bull market.
Cheers!
Now, in our case, if you remember my previous chart, I said I was officially bearish, yet price has moved against my prediction. This however doesn't necessarily mean that I'm wrong... yet. It wouldn't be surprising at all if price goes above the Hopium Refill Line (previous local high). This is because right now we have a high liquidity pocket, meaning, there are lots of stop-losses, liquidations, and possible buy orders from break out traders. Big players are interested in these pockets of liquidity because it's there where they can fill their huge orders, so if we have all these buy orders at that level, who are they buying from? Big players is the answer in many cases. So we could see a rally past $9200 and then a sudden drop and we wouldn't reverse the downtrend we see on the weekly as long as we don't go above $10500, after which I will definitely admit being wrong, and it will be the confirmation we are now in a bull market.
Cheers!
