Lets get right to the point. Last post was spot on. Our support was placed on 9498 and we bounced from 9467 and tried to break out of the channel yet failed and fell back in to the channel. Lets try to see what will happen next.
Well, we could easily see that we have been making lower highs and lower lows. Also if we look at the volume, we could see that ,despite some spike of FOMO, btc is failing to generate volume. Which is scary for the state that we are in. What is the state? We just had a cross over on MACD, failed to make a higher high and above all formed an head and shoulder pattern. All of this with decreasing volume might end up in a sudden big fall.
With all in this in mind is there chance for a move upwards?... When it comes to btc and crypto there is no no. =) However I am hesitant to enter a long position without a new higher high.
So stay safe and make your own calls.
Previous analysis:
Well, we could easily see that we have been making lower highs and lower lows. Also if we look at the volume, we could see that ,despite some spike of FOMO, btc is failing to generate volume. Which is scary for the state that we are in. What is the state? We just had a cross over on MACD, failed to make a higher high and above all formed an head and shoulder pattern. All of this with decreasing volume might end up in a sudden big fall.
With all in this in mind is there chance for a move upwards?... When it comes to btc and crypto there is no no. =) However I am hesitant to enter a long position without a new higher high.
So stay safe and make your own calls.
Previous analysis:
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We have hit our first support if we do not see a bounce with volume I still do not believe this one will hold.
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We broke 200 ema and the red line currently rsi is too high we will see a correction within the next day. we will test going back in to the channel.