DIA Is In Trouble If It Breaks And Closes Below $1.24 Level

The market has started its correction and it's not going to be too drastic in my opinion. In fact, these corrections are important to shake out the weak hands and majority of the people. It really helps to strengthen the price action and the bounce could be even bigger. Let's look at the chart of DIA

As you can see DIA is landing on its support level around $1.24 and this is a major local support level. Let's have a closer look at the chart.

$1.24 is the crucial point at the moment and if the daily candle closes below this level then we may be in trouble and we are looking at a good amount of time in consolidation. That's why it can have its wick below $1.24 but it must not close below that.

I believe if BTC starts stabilising a bit, we could see a good bounce (10%) from the current price point and if continuous to go in the downward direction then we are looking at probably weeks of consolidation before it can make any good moves. Let's wait an watch and do not panic. It's crypto and these downside price movements are quite normal. Just HODL your position until it breaks the crucial point.

Posted Using LeoFinance ^Beta