Good evening TTT holders,A chart update (for short-term and...

Good evening TTT holders,

A chart update (for short-term and again the latest candle is not yet there).

The downtrend continued today, and we had another day candle with a tail.

Why the tail? It leaves chart watchers hopeful allowing the sellers do their job by keeping the reversal anticipation and thus demand alive. But at the same time, those tails are still good meaning there is a buying force who is interested in TTT (being day traders, swing traders, or anybody for that matter).

IMO, TTT will go on to close that yellow gap (or thereabout) in short-term.

There are two scenarios to do that:

(1) Continue the same tail game for another 1-2 days (blue arrow). Then a plateau, and accumulation along that long-term black uptrend line.
This scenario involves breaking 200 EMA line. It is good for the buyer (creates panic to get lots of volume; and is usually a characteristic of the downtrend's final stage). But it makes it difficult for him to quickly sell for profit given it needs to rebuild the chart and gain the trust of chart watchers.

Note the gap is coincidentally at 61% Fib retracement of the green uptrend channel.


(2) A bull trap and a short term rise to around $2.25, then another leg down to the gap (i.e. green path).

This is more favourable given it likely allows time for EMA lines to get lower, and create a better looking chart.

Note that today we had a reversal from 50% fib level, and usually this is where bull traps happen.