Resistance points 1. We just barely broke through a strong trendline (brr power bull trap?) into a phat double top
- Now we’re about to hit the .382 Fibonacci retracement point (Not easy to break through)
- We’re also about to hit the 20 day moving average and the death cross
Volume has been significantly lower for the past 3 days. Bulls running out of steam?
So all the technical analysis geeks are saying we’re at a clear tipping point.. there’s a shit ton of people with sell triggers around 265 and if we reject it we should drop like a mother fucker. If we somehow brrr through we might moon.
Bears: Virus getting exponentially worse, unemployment, shrunken gdp, etc. Economic impact will be worse than what we thought.
Bulls: Virus is a temporary problem/hoax and we overreacted, pricing in too much damage. The economy is still strong.
If you’re holding puts, don’t give up yet. Maybe hedge or rollout.
If you’re holding calls, be careful. A lot of indicators say we’re at the top, but if we somehow retard strength our way through you can get rich asf.
TLDR: We’re about 1% away from what could be a bloodbath.
Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence.