After the huge drop, there has been a spike in bids at the current level and we are now in the bottom of the channel. It is likely we move back to 7200.
There have also been buy walls set up by possibly the same person who has been buying at 6200 levels.
Therefore, you may long here. The reason is because this trade has a good Risk/Reward ratio as our entry is near our stop loss, and buy walls have been hit and they have held. There might be a stop hunt here so it will be good to add at a lower price.
Either way shorting here is probably not a good move.
Buy in:
6980
Stop Loss
6850
Target:
7200
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