On 19 Jul (Bar 1), I was asked the sentiment on Crypto.
I said that I expect it to go down further until demand comes back in. There was selling seen around ~USD2250 (highlighted yellow area before Bar 1)
It went down by about ~5+% before strong demand came back in Bar 2. Getting long the next day with a stop loss below the low after Bar 1 is warranted.
It then made 83%+ return to the current level of ~USD3300!
At the current level, I see 2 more resistance levels that I expect buyers to overcome sellers for price to press upward (i.e. ~USD3450 and previous high USD4200)
I will be entirely out of my position if sellers overwhelm buyers at any of these levels, without hesitation
Given the strong performance to date, I expect it to at least test ~USD4200 level
As crypto is purely technical play, do be nimble if you intend to speculate on this
