I think so.
I see us testing 21W EMA around $45K here in a matter of days. A decent bounce to somewhere just around/below $60,000 (key psychological level) for the "b" part of the EW corrective pattern, then finally coming down to 200D SMA at around $38,000.
This is all my "guessing", but I saw the rising pennant breakdown and now, for the first time since October 2020, we are (so far) held below 50D MA.
Weak getting weaker.....
(This is my opinion and I'm wrong a lot. Your money your moves. This is just a chart I post for fun so I can track my ability to read market movement. Many "pros" say they never try to predict the markets, just trade the now. I'm trying to predict the market, well, I'm seeing how well certain MA's and price zones hold given certain market conditions. Markets are unpredictable so do your own research).
I see us testing 21W EMA around $45K here in a matter of days. A decent bounce to somewhere just around/below $60,000 (key psychological level) for the "b" part of the EW corrective pattern, then finally coming down to 200D SMA at around $38,000.
This is all my "guessing", but I saw the rising pennant breakdown and now, for the first time since October 2020, we are (so far) held below 50D MA.
Weak getting weaker.....
(This is my opinion and I'm wrong a lot. Your money your moves. This is just a chart I post for fun so I can track my ability to read market movement. Many "pros" say they never try to predict the markets, just trade the now. I'm trying to predict the market, well, I'm seeing how well certain MA's and price zones hold given certain market conditions. Markets are unpredictable so do your own research).
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That tap down to $47,500 may have been the bottom here
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I'm not convinced that was bottom...