Volume drying up on pullback is actually a good sign. Means people are not as willing to sell or short it compared to how much they bought during the spike, aka consolidation - not reversal.I’m back with @MaxPain seeing risk to the downside. Volume has dried up again and other than that post-ER surge it doesn’t seem like much has changed in the short-term.
I’m expecting Q2 to be down, per Troy, and I think the market will start to reflect that as we get closer to P&D next month. I’m feeling pretty comfortable with my ITM calls for this week and bought a few puts for tomorrow and next week.
I'm not guaranteeing we will go back to 185-190, but price action is simply saying that digestion is under going. We're going "cheap" on a higher and higher timeframe. Last "cheap" buy was on the 1h and got us $10 bounce from 176 to 187. Before that was on the 30m, 180 to 185. Next is the 2h, but it's not here yet. The bounce should be bigger than $10. Bounce from where, I don't know yet.
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