$93.70 is not a technical resistance... but a mirror that embodies the psychology of traders.
Why this specific number? Because it represents the peak of fear masked by greed.
At the level of $91.57, traders feel a kind of false psychological security, just because the number seems close to 90, which gives a sense of completeness.
As for $93.70, it is merely a harsh test: Can the price actually break through it? Or is it a classic trap that triggers pending sell orders and then suddenly reverses direction?
The $90 - $91 area: An investment opportunity or a collective trap?
Look at the chart from a completely different perspective:
An increase of 11.07% may not be the beginning of a rally, but merely a "dead cat bounce" before a larger collapse.
The stop at $88 is not random: it is the point where the majority of beginner traders decide to give up, fearing to fall into the abyss.
When you say the market is down... do you sell your analysis or sedate the recipient?
Phrases like: "An interesting short selling opportunity" do not describe the market as much as they pull the reader into a vortex of experimentation:
If the price rises, it will be considered that it has surpassed your analysis.
And if it falls, the market will be accused of treachery and will forget that you instilled hesitation in it from the beginning.
The most important question is not the direction... but what drives you to determine it.
Are we heading upwards or downwards? The accurate answer: We are moving in the direction that your fear of missing out on profit drives you.
If the market were in a real upward trend, we wouldn't need all these dramatic descriptions and fiery designs to convince traders.
As for the expectation of a downturn, it is often not an analysis, but a psychological veil to conceal the weakness of the plan.
A comment that reveals what professional traders hide:
Type: "Moon" if you see that the level of $93.70 is a gateway to a major upward phase,
Or "Abyss" if you see it as a starting point for a significant downward trend.