Hi All,
I have to admit the current price action is confusing me as hell. The price keeps grinding up while there is no much buy volume.
From the chart you can see that we are still inside the descending wedge in which there is still plenty of downside potential. As well, we are in a triangle that looks like an ABCDE correction pattern is about to complete. This, also indicates BTC is going lower. If you look closer, both corrective wave C & E have touched the top of the descending wedge and got rejected. Further, BTC is now inside an ascending wedge, which further increases the chance of BTC going lower.
In terms of RSI, there is a lot of room to go either up or down, so I wouldn’t care too much on it.
From the bigger picture, BTC is still more likely to go down. It may not drop down 4.4k in the near future, but 6k is definitely still on the cards. However, if BTC goes above $7275, I will probably consider to open some long positions.
Taiwan Bear
******************************************************************************************
Please note this post is provided for informational purpose only. It is not a financial advice to buy/sell.
Some tips for you:
- Set up an entry/exit strategy for every trade, with the ideal risk/reward ratio (2+)
- Understand that every trade carries a risk, and don’t expect you can make profits from every trade
I have to admit the current price action is confusing me as hell. The price keeps grinding up while there is no much buy volume.
From the chart you can see that we are still inside the descending wedge in which there is still plenty of downside potential. As well, we are in a triangle that looks like an ABCDE correction pattern is about to complete. This, also indicates BTC is going lower. If you look closer, both corrective wave C & E have touched the top of the descending wedge and got rejected. Further, BTC is now inside an ascending wedge, which further increases the chance of BTC going lower.
In terms of RSI, there is a lot of room to go either up or down, so I wouldn’t care too much on it.
From the bigger picture, BTC is still more likely to go down. It may not drop down 4.4k in the near future, but 6k is definitely still on the cards. However, if BTC goes above $7275, I will probably consider to open some long positions.
Taiwan Bear
******************************************************************************************
Please note this post is provided for informational purpose only. It is not a financial advice to buy/sell.
Some tips for you:
- Set up an entry/exit strategy for every trade, with the ideal risk/reward ratio (2+)
- Understand that every trade carries a risk, and don’t expect you can make profits from every trade
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