Agree. It must hold $1.12 for it to have any hope of current MC being tolerated for a bit longer. My guess is it will be re-tested at some point, and may initially bounce back for the second time. But will probably break down on the third attempt. Only a guess which is a good as any other. But I can imagine traders using the previous bounce off $1.12 as an opportunity to give the fake impression of a double bottom and pull another trade there.
But in general, and that's only my opinion, pulling trades half way through the downtrend is too risky for my taste given there is no guarantee it doesn't simply slice through the point where I like to think may offer some support and some minimal reward. Specially coming off the back of such as large bubble/spike not supported by fundamentals. So I rather stick to more reliable / lowest possible supports which give me better chance of aborting a trade at minimal loss if things go further south. But again that's only me. Others may have a different risk/reward management approach.
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