$CHIP current price 0.043 went straight in short at 13.
From 0.062 it got smashed all the way down to 0.0366, down more than 30%. The main downtrend is clear. Now this move is just an oversold rebound.
There’s about 15% upside room to the previous low. If it breaks below, then things will open up (no support).
What I’m most afraid of is that the rebound isn’t finished and it just rips higher—when shorts get squeezed, the rally can be very brutal.
So the stop-loss must be placed above the high point of this rebound. If it breaks, it means I was wrong—admit it, exit, and don’t hold.
The trend is still in the hands of the shorts, but don’t hard-fight the rebound.
From 0.062 it got smashed all the way down to 0.0366, down more than 30%. The main downtrend is clear. Now this move is just an oversold rebound.
There’s about 15% upside room to the previous low. If it breaks below, then things will open up (no support).
What I’m most afraid of is that the rebound isn’t finished and it just rips higher—when shorts get squeezed, the rally can be very brutal.
So the stop-loss must be placed above the high point of this rebound. If it breaks, it means I was wrong—admit it, exit, and don’t hold.
The trend is still in the hands of the shorts, but don’t hard-fight the rebound.
